Carne Group has become the first European independent management company solution authorised under the Alternative Investment Fund Managers Directive (AIFMD).
The management company has been approved by the Central Bank of Ireland and is available immediately for fund managers seeking AIFM solutions from a reliable and institutionally-respected provider.
The AIFM Directive came into force on 22 July. The Directive has significantly changed the way in which alternative funds are managed, both inside and outside the EU, and affects managers who distribute funds within the EU that are not UCITS-compliant.
The new Carne Management Company includes an embedded and highly experienced risk management team and incorporates the capital requirements that the AIFMD has introduced. Certain activities, including portfolio management, can be delegated by the AIFM to third party investment managers. Carne’s existing UCITS and non UCITS management companies have over USD10bn of assets managed by third party managers.
John Donohoe (pictured), chief executive of Carne Group, says: “Post 2008, both institutional investors and global regulators place a high value on fund governance, especially risk management and compliance. Carne’s independent AIFM provides significant efficiencies and advantages to investment managers in meeting the needs of their clients and regulators. I would like to thank the Central Bank of Ireland authorisation team for their professionalism, efficiency and guidance during the authorisation process.
“This new Management Company solution is ideal for businesses facing constraints in meeting the obligations under AIFMD. It provides an efficient governance solution coupled with the supervision of a very experienced risk management team.”
The Management Company will be supported by Carne’s risk management team, led by Gerry Grimes and Albert Prendiville. Both have successful track records in portfolio management, treasury activities and risk management and are familiar with a wide variety of asset classes. This AIFMD-specific risk management solution includes ongoing risk monitoring and will report regularly to the Management Company board.
Gerry Grimes, principal with Carne Group, says: “This new Management Company solution is ideal for investment managers that require comprehensive and dependable solutions to the increased governance and risk management functions set out in the AIFMD. We are already working with a number of asset management groups who are attracted by the efficiency of the solution and the construct of our risk management operations.”
