Carne Group has received authorisation for an independent AIFMD-compliant management company in the Channel Islands.
The new management company has become immediately operational with Carne Group’s fund clients. It is particularly suitable for alternative fund managers, including credit, hedge fund, private equity, infrastructure and real estate investment firms.
Carne has received authorisation as a fund services business from the Jersey regulator, the Jersey Financial Services Commission (JFSC).
Carne already has over 20 clients making use of its AIFMD management company solutions in Ireland and Luxembourg. The Jersey management company is the first to be approved outside the European Union and allows managers to comply with the AIFMD regime while maintaining a fund in an offshore, non-EU jurisdiction. It is suited for EU managers who fall within the AIFMD threshold but do not have an AIFM license.
Mark Hodgson, managing director with Carne Group in the Channel Islands, says: “We are very grateful to the JFSC, which has been extremely proactive in helping us to launch our independent third party manco structure in the Channel Islands. We are seeing a great deal of interest from alternative fund managers in a Channel Islands structure of this nature, which allows them to meet the requirements of the AIFM Directive without the need for an EU fund domicile.
“Carne is already recognised as a leading provider of operationally robust management company solutions under the AIFM Directive. Our mancos are supported by risk management and oversight teams who draw on deep expertise in the European regulatory and operational environments. Regulators and our fund management clients recognise this.”
The launch of the management company comes in the wake of the opening of Carne’s office in the Channel Islands in June of this year.
Geoff Cook, CEO of Jersey Finance, adds: “We are pleased that a global fund provider like Carne has chosen to expand its operations into Jersey. We have been working hard to ensure our funds industry continues to be at the forefront of delivering fund services, attracting managers and investors with a flexible and innovative funds regime, which includes making enhancements so that Jersey can provide a ‘business as usual’ approach in relation to the EU Alternative Investment Fund Managers Directive (AIFMD).
“Jersey’s sophisticated and stable legal, tax and regulatory framework ensures that Jersey remains the jurisdiction of choice for funds services business. We wish Carne success in the opening of their new office in Jersey, which will provide clients with flexibility and choice.”