Carne Group has appointed Gerry Grimes and Albert Prendiville to its Irish governance team, to provide support to clients operating funds under the AIFM Directive.
Jean de Courrèges has been appointed director in the international team of Carne Group, and will be able to sit on boards of both Luxembourg and Cayman Islands funds as an independent director.
Carne Group has selected Julie O’Hara as the latest independent fund director to join its Cayman Islands office – the fourth Carne director now resident in the Cayman Islands and available for fund boards.
Carne Group, the specialist provider of fund governance and support services for the global asset management industry, has published a new edition of its Ucits Guide For Alternative Managers.
The financial stress on Ireland has been so tough it needed bailing out, and some banks have been nationalised. This led some onlookers to question if the country’s fund servicing industry might suffer ‘aftershocks’ from being in a related field.
A key factor in the performance of an offshore hedge fund is the independent director, whose duty is to defend the interests of the investor.
Some offshore resident directors are acting on behalf of hundreds of hedge funds, a practice that is increasingly difficult to justify.