Carne Group has been appointed as Russell Investments’ third-party management firm for the active management of its 11 umbrella funds, comprising £32.5 billion of assets under management across 76 active sub-funds.
All funds are based in Ireland and distributed globally.
Russell Investments cited two “determining factors” in forming the partnership with Carne, including its proprietary technology platform which is used in the fund management process and handles $2 trillion of global assets.
The second factor identified by Russell Investments is the firm’s global presence and expertise in multi-jurisdictional regulation.
Russell Group’s head of EMEA Joe Linhares said: “This is a strategic decision that will allow us to offer our clients existing and new products in a faster and more efficient way.
“Leveraging Carne’s technology infrastructure will also make us more transparent, which is critical in today’s world. Carne’s independent oversight and the manner in which it is delivered will enhance investor protection.”
Linhares added: “Given the CBI’s [Central Bank of Ireland’s] strong reputation for fund regulation, it should be clear that our choice of Ireland as the hub for our European product range speaks to the same point.”
Carne Group CEO John Donohoe said: “Russell has ambitious product plans in areas such as ESG and alternative asset funds, which require multi-jurisdictional distribution.
“Our infrastructure will centralise a range of critical operations, and the resulting control will allow Russell to focus resources on their core skill of wealth generation, whilst reducing time to performance for their investors. That is going to benefit everyone.”
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