Hedge fund Harness has chosen Carne Group to provide an independent management company solution for its new Luxembourg UCITS fund. Harness is making use of Carne’s independent UCITS compliant management company in Luxembourg to support the launch.
In addition Carne is also providing two independent directors to the Board of the SICAV. Harness and Carne worked together on project managing the successful launch of the fund; Carne liaised with the Luxembourg regulator and helped to manage the approvals process.
Harness was established in 2009 as a specialist asset manager. The firm’s objective is to deliver absolute returns within the global macro space through a fundamental discretionary strategy, focusing exclusively on foreign exchange. The group’s approach integrates qualitative analysis, in-house macro-economic research and investment regime assessment with quantitative factor analysis.
Harness has developed a number of investment vehicles and separate accounts through which it expresses its investment philosophy, however it offers only one investment strategy.
The group oversees in excess of US$740 million in absolute return mandates with foundations, family offices, banks, pension funds and asset management companies. Philippe Peress is the founder and Principal of Harness Group. The Group is controlled and owned by the principal’s family.
Martin Burke, Product Specialist of Harness Investment Group Ltd, says: “We are pleased to have been able to work with a firm of Carne’s experience and professionalism in what has been a successful fund launch. Carne came recommended by some of our key partners at Harness and have delivered to high expectations. Their deep understanding of the regulatory and oversight requirements in launching UCITS product has played a valuable role in the launch of our fund.”
Aymeric Lechartier, Managing Director with Carne, adds: “For a sophisticated fund of this nature, it is important to have a partner who can help with the sometimes quite complex regulatory and operational requirements entailed by current UCITS regulations. Carne is an established provider of Luxembourg governance and registration solutions with the extensive service provider network that can facilitate a smooth approval and launch process for both UCITS and AIFMD funds.”
Carne is a provider of Luxembourg governance solutions including UCITS and AIFMD management company services, independent directors and conducting officers.