A Dublin-based consultancy to the funds industry has set up a panel of independent directors which it aims to place on the boards of international hedge funds and other asset management firms.
Given significant growth in the sector and extreme volatility on the international financial markets, Carne Global Financial Services Group is seeking to capture business from funds that require additional director-level expertise to improve their governance.
Carne was established three years ago by businessman John Donohoe, a former chief executive of Deutsche Bank's fund services unit for Europe, Asia and offshore jurisdictions.
"Independent oversight is an essential element of fund management to ensure good governance," Mr Donohoe said.
Carne already advises international investment banks and its directors have oversight over $200 billion (€136.3 billion) in funds, he said. With offices in London and Luxembourg, clients include Barclays Global Investors, Allianz Global Investors and Lazard. Members of the panel in Dublin include Una Barrett, former head of operational risk at Daiwa Europe Fund Managers Ireland, and John Skelly, former chief operating officer at Carlton Capital Partners in London.
