German regulator fines Carne Group for late filing of documents

Carne Group, a global fund management company based in Dublin, has been fined by Germany’s financial regulator for failing to file key shareholder documents on time.

afin fined the group’s Luxembourg management company €382,000 late last month for violating German securities trading rules.

The fine relates to the late filing of two German share voting rights notifications in 2016 and 2017 by Carne Global Fund Managers (Luxembourg) SA, an alternative investment fund manager (AIFM).

It was one of four administrative sanctions imposed so far by Bafin in November and one of several similar AIFM voting rights violations found in a regulatory search of the sector this year.

A Carne spokesman in Dublin said there would be no impact on the funds’ underlying investors and there would be no impact on the funds’ voting rights.

The discovery of the breach arose from Bafin’s review of Carne’s voting rights filings, which began in 2020.

Carne’s spokesman said it worked with Bafin throughout the process and accepted the regulator’s findings. The company can appeal against the fine notice, Bafin said.

“We take such matters very seriously and have taken the necessary steps to strengthen the control environment in relation to these filings to ensure they are made within the required timeline going forward,” they said.

Founded in 2004 by current CEO John Donohoe, Carne claims to have $2 trillion in assets under management.

The group manages the governance, compliance and regulatory requirements for more than 600 wealth managers and institutional investors, including some of the biggest names in the industry such as Muzinich and BNY Mellon.

Carne employs approximately 250 people in Ireland at offices in Dublin, Kilkenny and Waterford and a similar number at its offices in seven other countries.

The company was valued at €400 million last year after private equity firm Vitruvian invested €100 million in the company for about a quarter of the equity.

In recent years, as the company expanded, Carne turned to digital services in an effort to cut costs.

https://www.independent.ie/business/irish/german-regulator-fines-carne-group-for-late-document-filing-42197358.html German regulator fines Carne Group for late filing of documents

Fry Electronics Team

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