Carne Group, Europe’s largest third-party management company (ManCo), has been confirmed as the highest-ranked third-party ManCo in Ireland, by total assets under management (AUM), according to the latest report by Monterey Insight.

Carne has ranked first among third-party ManCos in Ireland and fourth overall, across all management companies and AIFMs, with US$237.4bn in AUM in the Irish market, reflecting 11.5% year-on-year growth, according to the Monterey Insight Ireland Fund Report 20251

Reflecting on the results, Patrick O’Brien, Head of Business Development, Ireland at Carne Group, said: “The Monterey Insight results offer an important independent view of the Irish funds ecosystem, and this year’s findings highlight the pivotal role Ireland continues to play in supporting global asset managers. Carne’s strong position reflects the trust our clients place in us to navigate an increasingly complex environment and deliver consistent, high-quality governance. We remain committed to driving progress across the Irish market through our client-first approach, deep regulatory expertise and continued investment in digital innovation.”

Carne’s leadership position is further reinforced by PwC’s 2025 Observatory for Management Companies 2025 Barometer, which also placed Carne at the top of the third-party ManCo ranking in Luxembourg, reporting 48% year-on-year growth, the strongest among the ten largest third-party ManCos in the jurisdiction.

Mark Stockley, Chief Business Development Officer at Carne Group added: “These rankings reflect the confidence asset managers across Europe are placing in Carne as their long-term operational partner. What we are seeing today is a fundamental re-evaluation of the ManCo model as managers are increasingly asking not just whether to outsource specific functions on a case-by-case basis, but whether a third-party ManCo can play a central, strategic role across their entire fund range.”

Together, these two reports confirm Carne’s position as the largest third-party ManCo in Europe, overseeing more than $1 trillion in AUM globally.

Carne’s own Supermodel II research, based on insights from 200 senior asset management executives in 2025, found that 18% of asset managers operating internal ManCos plan to fully outsource those responsibilities to a third-party provider within the next two years. Our analysis of Monterey Insight data shows continued growth in the European ManCo market, with third-party ManCos in Ireland and Luxembourg overseeing €1.66 trillion of Europe-domiciled fund assets by the end of 2024, up from €1.5 trillion in 2023. This represents a 12.8% share of the market, and a more-than five percentage point increase since 2018, when it stood at 7.4%.

The data points to a structural, long-term shift within the industry rather than a short-term reaction to conditions within the market. The rise in regulatory complexity, growing margin pressure, and the operational demands due to expanding into new asset classes and products such as active ETFs and evergreen private markets funds are driving asset managers to seek out partners with the scale, expertise, and technological infrastructure to support them.