Consultant enters Cayman hedge fund market

| 15/01/2009

(CNS): Despite the uncertain times in the hedge fund sector the Cayman Islands has welcomed a new independent consulting firm catering to the traditional fund and wealth management industries to George Town. Carne Global Financial Services has recently been granted a licence by the Cayman Islands Monetary Authority to provide directorships, fund establishment assistance and other corporate and oversight services.

The opening of the new office follows that of the firm’s Geneva office in June last year, and the launch of London-based alternative and wealth management divisions earlier in 2008. Peter Heaps, who has more than 23 years of offshore fund experience, has been appointed managing director for the Cayman Islands. Heaps joins Carne from RBC Dexia Investor Services Ireland, where as managing director he had responsibility for RBC Dexia’s fund administration and custody activities. He previously worked for HSBC in Dublin as European head of client relationship management for alternative fund services and executive director of the fund administration company.

Earlier he was managing director of HSBC’s fund administration business in Guernsey, and he has also held senior positions with Gartmore in Jersey and London.

“’Last year was a year of growth for Carne, and our latest expansion establishes us as a truly global advisor to mutual fund, hedge fund and wealth managers,’ said chief executive John Donohoe. “’With Peter at the helm in the Cayman Islands, we are better able to meet the needs of our global clients who have offshore funds. Our hedge fund clients will be able to demonstrate the highest standards of governance which the market is demanding.”

 

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