People Moves
Fund Governance Specialist Adds To Team As EU Regulations Bite
Fund management governance and oversight services firm Carne has brought in new team members for companies that must now comply with recently enacted European Union laws on alternative investments.
Fund management governance and oversight services firm Carne has brought in new team members for companies that must now comply with recently-enacted European Union laws on alternative investments.
Carne has appointed Martin Anderson and Neil Clifford to its team dealing with companies regulated under the Alternative Investment Fund Managers Directive, which took effect last July. Their work supports businesses in Ireland, Luxembourg and the Channel Islands.
Clifford previously worked at Irish Life Investment Managers where he was head of alternatives and oversaw an external hedge funds portfolio. He has also supervised that firm’s illiquid investments in private equity and infrastructure, including acting as an independent director on a number of investee companies.
Anderson previously held senior management roles at RBC Investor Services, including overseeing the bank’s sub-custody network and change programme. He has spent over 20 years in the funds industry, including 10 years at Northern Trust in Dublin where he held a number of roles, including head of European transfer agency and managing director with the Irish fund administration business.
Carne said in a statement it can now support fund managers seeking an AIFMD-compliant solution outside the EU bloc.
The AIFMD seeks to regulate EU-based hedge funds, private equity funds and other "alternative" asset class funds, or those seeking to market to EU-based investors. Previously, such funds were not covered by the sort of rules on traditional mutual funds used by ordinary investors; the rules were brought in, ostensibly, to reduce the risks of costly blowups to funds and disruptions of the kind associated with the 2008 financial crisis. Industry critics have said the AIFMD is a costly burden and will not, for example, prevent a repeat of sagas such as Bernard Madoff's Ponzi fraud.
