German regulator fines Carne Group for late document filing
Carne Group, a global fund management company based in Dublin, has been fined by the German financial regulator for failing to file important shareholder documents on time.
Bafin hit the group’s Luxembourg management company with a €382,000 penalty late last month for a breach of German securities trading rules.
The fine relates to the late filing of two German equity voting 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 issued by Bafin so far in November and one of several similar AIFM voting rights violations detected this year in a regulatory sweep of the sector.
A Carne spokesperson in Dublin said there was no impact on the underlying investors in the funds and there was no impact regarding the fund voting rights.
The discovery of the breach arose out of Bafin’s review of Carne’s voting rights filings, which began in 2020.
Carne’s spokesperson said it had cooperated with Bafin throughout the process and had accepted the regulator’s findings. Bafin said the company may lodge an appeal against the administrative fine order.
“We take such matters extremely seriously and have taken the necessary steps to strengthen the control environment relating to these filings to ensure they are made within the prescribed time-period in future,” they said.
Founded in 2004 by current CEO John Donohoe, Carne says it is the largest third-party fund management services company in the world with assets under management of €2trn.
The group manages the governance, compliance, and regulatory requirements for more than 600 asset managers and institutional investors, including some of the biggest names in the industry such as Muzinich and BNY Mellon.
Carne employs about 250 people in Ireland across offices in Dublin, Kilkenny and Waterford and a similar number across its offices in seven other countries.
The company was valued at €400m last year after private equity firm Vitruvian invested €100m in the business for about a quarter of the equity.
In recent years as the company expanded, Carne has turned towards digital services in an effort to reduce costs.
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