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Carne Global Financial Services Limited

Fund Directorships
Code of Conduct
for Independent Directors
Carne Directors follow a Code of Conduct which outlines our
structure for good corporate governance application,
compliance, and industry best practice.

BEST PRACTICE
Carne Directors will act in accordance with
best practice guidelines relating to corporate
governance, such as those established by AIMA,
the Hedge Fund Standards Board, Irish Funds
Industry Association, CSSF (Luxembourg) and
the President’s Working Group.



CONFLICTS OF INTEREST

Carne Directors seek to avoid conduct that could
reasonably be construed as creating a potential
or actual conflict of interest. In addition, no Carne
Director will take on more than 30 commercial
relationships in the course of their duties.

CONFIDENTIALITy

Carne Directors will not disclose any non-
public client-related information obtained as
a consequence of their directorship unless
permission to disclose such information is
granted.

USE OF CORPORATE INFORMATION

Carne Directors will not compete with clients.



FAIR DEALING

Carne Directors will deal fairly and not take
advantage of clients.



FIDUCIARy RESPONSIBILITIES

Carne Directors will represent the interests of
shareholders.



LEGAL AND REGULATORy COMPLIANCE

Carne Directors act in strict compliance with all
applicable laws, rules and regulations.
Investors want to see highly qualified independent directors sitting on a fund board. High
quality independent directors bring an additional layer of confidence for investors that risks
are being managed; their presence is evidence that best practices are being maintained.

John Donohoe, CEO, Carne Group

Carne Directors are fund industry professionals,      A Carne director on a board brings with them a number of key advantages for
all of whom have in-depth knowledge, expertise        the fund:
and lengthy track records within the asset
management industry. Working with a wide              1. Investor Assurance and Added Value
range of investment funds, our directors are on
hand to provide support and guidance to the           Investor due diligence around governance becomes easier because institutional
boards on which they serve.                           investors know Carne and its governance principles and standards. This gives them
                                                      more comfort and assurance.
As independent directors, Carne Directors'            Carne has a wealth of relevant experience that our clients can draw on to assist
fiduciary responsibilities include acting in          them with their asset management businesses and investment products.
the best interests of shareholders, managing          Collectively Carne Directors have a deep pool of knowledge on a range of critical
conflicts of interest that may arise, and making      issues, including product structuring and development, compliance and risk.
informed decisions when differences of opinion
need to be resolved.                                  2. Reduce Risk

Carne Directors are equipped to work in a             Carne Directors have long and respected track records in the asset management
holistic fashion with other key fund stakeholders,    industry, supporting clients in identifying, managing and controlling risks. Our
such as investment managers, legal counsel,           directors encourage the application of a risk-based corporate governance approach,
administrators, custodians, prime brokers,            giving investors an additional degree of assurance.
auditors and distributors.
                                                      3. Independent and Limited Number of Directorships
Carne Directors are part of Carne Global
Financial Services group ("Carne"), the global        Carne Directors are limited in the number of investment manager relationships
leader in fund governance. Carne is an                they can enter into. We do not believe you can commoditise the role of an
international firm, with offices in the major fund    independent director without compromising on that director's effectiveness. Every
centers and with considerable depth of expertise      fund is unique and requires the directors to attend diligently to its affairs. Most
and knowledge. Carne delivers tailored business       institutional investors believe that directors should not act for more than 20 to 30
solutions to global asset management clients,         Investment Manager relationships which is the Carne standard. They also believe
specialising in governance and oversight.             there should be regular full board meetings (at least three a year with minimum
                                                      one "in person") covering key risk areas to the fund.
Why clients select Carne Directors
                                                      4. Support Infrastructure
Investors need assurance now more than ever;
they are becoming increasingly focused on the         Carne Directors can draw on the group's administrative and professional
numbers of directorships held and the role of         infrastructure which allows Carne Directors to devote their attention fully to
independent directors on fund boards. According       their fiduciary responsibilities. The broad range of professional skill sets present
to our own research of top institutional global       within Carne includes experts in best practices, investment products, derivatives,
hedge fund allocators, 80% of investors have          regulations, valuation policies, compliance, risk management, accountancy and
decided at some point against investing in funds      corporate secretarial.
because of overall governance concerns.
                                                      5. Conflicts of Interest and Transparency
Over 90% told us that governance of fund
boards is now much more important to them             Investors believe that funds should have a clear conflicts policy which includes the
and is their top priority. The role of the seasoned   relevant interests of all directors and delegates that may lead to potential conflicts.
independent director is more critical than ever.      It should include transparency on other directorships held and procedures in the
                                                      event of conflicts arising including director voting rights. Carne believes this is good
Fund managers choose Carne because of our             practice.
recognised reserve of knowledge of the asset
management industry. Carne Directors are              6. Increase Assets
appointed on the strength of their considerable
industry track record, their asset management         Carne support funds seeking to reach their intended investor base and raise
industry expertise, and their integrity as            capital. Support includes registration of funds in foreign jurisdictions, offshore fund
individuals.                                          structuring, and providing guidance on potential distributors and platforms.

Institutional Investors know Carne and feel
more assured when Carne Directors are on their
boards.
Carne Directors
Carne Global’s Independent Directors’ Panel is international, based in six locations:
Cayman, Luxembourg, Ireland, New York, Switzerland and London.

Carne Directors: Luxembourg

                                     Thomas is a Managing Director with Carne                 fund of funds). Prior to that he worked as an option
                                   Luxembourg. Thomas acts as an independent director         trader (EUREX market maker) for AGON, Cologne.
                                   on Luxembourg funds and management companies                 Thomas is a well known industry risk and product
                                   as well as advising clients on product structuring, fund   expert. He is co-chairman of ALFI's Risk Management
                                   launches, compliance, risk and governance issues.          Committee and also Member of the Board of PRiM,
                                   Thomas was Director and Chief Risk Officer for Allianz     the Luxembourgish Risk Manager association. He has
                                   Global Investors Luxembourg S.A., where he worked for      spoken on conference panels, written articles and
                                   eight years on a wide range of risk and fund compliance    contributed to policy papers. He has assisted ALFI in
                                   issues. In particular, he built up the UCITS compliant     its dealings with the CSSF and ESMA in relation to
                                   risk management system for the Allianz fund range.         policy formulation for both UCITS and alternative
Thomas Nummer                      In addition, Thomas was appointed as Head of               funds. Thomas holds a University degree (Dipl.
THOMAS NUMMER HAS OVER
15 YEARS’ EXPERIENCE IN ASSET      Outsourcing risk for all Management Companies at           Kaufmann) from the University of Trier, Germany
MANAGEMENT AND FINANCIAL           Allianz Global Investors Europe.                           including an academic year at Reading University,
SERVICES. HIS AREAS OF EXPERTISE     Before Thomas worked for Adig Investment in              UK. Furthermore Thomas holds a post-graduate
INCLUDE RISK MANAGEMENT,           Luxembourg for five years, focusing on fund                degree as Financial Analyst (CEFA) from the Society of
COMPLIANCE, REGULATION AND         management (passively managed equity funds and             Investment Professionals in Germany, DVFA.
FUND STRUCTURING.




                                     Justin is the Managing Director of Carne                 including Head of Trustee Services, Global Head of
                                   Luxembourg. He acts as an independent Chairman             Market Data Services, Head of Valuations and Fund
                                   and Director for a number of leading fund boards,          Accounting, and Financial Controller.
                                   including regulated and alternative funds. In addition       Justin qualified as a Chartered Accountant with
                                   to acting as an independent fund director, Justin          KPMG and holds a Bachelor of Commerce degree
                                   advises fund managers and promoters on fund                from University College, Dublin.
                                   structuring and launches, and is a leading expert on
                                   UCITS funds.
                                     He has worked with many asset managers, including
                                   alternative managers and investment banks, on the
Justin Egan                        structuring and launch of funds domiciled in both
JUSTIN EGAN HAS OVER 20 YEARS’
                                   Luxembourg and Ireland. His other specialist areas
EXPERIENCE IN THE INVESTMENT
FUNDS INDUSTRY. HE SPECIALISES     include fund operations, compliance/regulatory
IN GOVERNANCE, REGULATION,         matters, and risk. Prior to joining Carne in 2005,
COMPLIANCE, DERIVATIVES            Justin worked for State Street (previously Deutsche
PRODUCTS AND OPERATIONS.           Bank) in Ireland, and held several positions there,




                                     Tracey is a Director and Principal with Carne            business development, new systems implementation,
                                   Luxembourg, and has 17 years of experience in the          budgetary and financial matters. She previously
                                   investment funds industry. She acts as an independent      spent five years at BNP Securities Services
                                   director and also as a dirigeant for a number of           Luxembourg where she was Head of Client Services.
                                   Luxembourg investment funds.                               Before that she worked as Global Custody Manager at
                                     Tracey is involved in the development of best            Deutsche International Ireland.
                                   practice in fund governance through her work with
                                   ALFI (Luxembourg fund industry association). Tracey
                                   advises fund promoters on the launch of new funds.
                                   Additionally, she has undertaken a number of project
Tracey McDermott                   roles (covering fund launches / mergers / conversions /
TRACEY MCDERMOTT IS
                                   migrations).
A DIRECTOR OF CARNE
                                     Prior to joining Carne, she was General Manager of
LUXEMBOURG AND HAS 17 YEARS’
EXPERIENCE IN THE INVESTMENT       PFPC Luxembourg, where she was responsible for day to
FUNDS INDUSTRY.                    day operational management of fund accounting and
                                   transfer agency activities, relationship management,
Carne Directors: Cayman Islands

                                    Peter is Managing Director of Carne Cayman and           Head at RBC Dexia in Ireland, where he established
                                  has over 25 years' experience in the hedge, private        and developed the operational risk and new business
                                  equity and traditional funds industry. He is experienced   implementation departments and managed the
                                  in a wide range of investment strategies, including        inaugural SAS 70 accreditation. Before this, he was a
                                  equity long/short, global macro, systematic trading,       director of HSBC's Irish fund administration business
                                  CTA, credit, event driven, arbitrage, distressed/special   with European client relationship management
                                  situations, multi-strategy and private equity. During      responsibility for Alternative Fund Services, working
                                  his career he has served as a director on the boards       with institutional, established, emergent and
                                  of funds sponsored by highly respected investment          boutique investment managers. He also established
                                  managers.                                                  and managed the credit origination department.
Peter Heaps                         He has been appointed Managing Director at leading         Prior to this he was Managing Director of Bank of
PETER HEAPS HAS OVER 25 YEARS’
                                  financial institutions and has had full responsibility     Bermuda's fund administration business in Guernsey.
EXPERIENCE IN THE INVESTMENT
FUNDS INDUSTRY. HE SPECIALIZES
                                  for multi-billion dollar fund operations and large staff   Peter has also held senior management positions
IN GOVERNANCE, REGULATION,        numbers, whilst gaining significant experience in funds    with Gartmore, where he was Company Secretary and
COMPLIANCE, RISK AND PRODUCT      governance, compliance, risk and product development.      Compliance Officer. He holds a LLB Honours, Business
DEVELOPMENT FOR HEDGE AND         Previously, Peter was Managing Director and Country        Law.
OTHER ALTERNATIVE FUNDS.




                                    Roisin is a Principal of Carne Cayman and has over       committee and as a member of the board of
                                  18 years' legal and regulatory experience in the           directors of the CSX.
                                  investment funds industry. She trained and practiced         Roisin is a member of AIMA as an independent
                                  as a solicitor with Linklaters in London from 1991 to      fund director, a member of the Cayman Islands
                                  1996 before returning to the Cayman Islands, where         Directors' Association and also a member of the
                                  she was an investment funds attorney until 2008.           board of the NCVO, a local charitable organization.
                                    Her most recent role prior to becoming a director        Roisin is also a notary public. She graduated with
                                  was as a partner in the Cayman office of the               a Bachelor of Laws (Hons.) from Nottingham
                                  international offshore law firm Mourant du Feu             University in 1990 and qualified as a solicitor in
                                  & Jeune, where her roles between 2005 and 2008             England and Wales in 1993, as well as an attorney-
Roisin Cater                      included head of the investment funds practice,            at-law in the Cayman Islands in 1996.
ROISIN HAS OVER 18 YEARS’ LEGAL
                                  head of the office, MLRO and head of corporate
AND REGULATORY EXPERIENCE
IN THE INVESTMENT FUNDS
                                  administration. Roisin also spent two years as the
INDUSTRY.                         senior listing executive of the Cayman Islands Stock
                                  Exchange ("CSX") from 1998 to 2000 and continues
                                  to advise the CSX, both as a member of the listing




                                    John is a Director of Carne Cayman and has over          and acted as a director to large investment funds.
                                  18 years of experience in the financial services           John was also responsible for the accounting
                                  industry. He has extensive experience in working           business line, managing a team responsible for
                                  with a wide range of investment fund structures            providing services to private equity funds and
                                  and strategies and has served as a director to funds       special purpose vehicles sponsored by prominent
                                  sponsored by many of the world's most respected            banks.
                                  and largest investment managers. John came to the            Following this, John was appointed SVP and
                                  Cayman Islands with Butterfield Fund Services (now         Senior Executive Officer of Maples Finance Dubai
                                  Butterfield Fulcrum) where he was responsible for the      where he led its establishment and obtained local
                                  administration of a complex portfolio of investment        regulatory approval. He was also responsible for
John Ackerley                     funds.                                                     business development and served as a director to
JOHN IS A DIRECTOR OF CARNE
                                    Following this, John was Vice President at Bank of       client investment structures. John is a Fellow of
CAYMAN AND HAS OVER 18 YEARS
OF EXPERIENCE IN THE FINANCIAL
                                  America Cayman where he had overall responsibility         the Institute of Chartered Accountants in Ireland,
SERVICES INDUSTRY.                for the client reporting team. He then moved to            a member of the Society of Trust and Estate
                                  Rawlinson & Hunter/ The Harbour Trust Co. where he         Practitioners, and holds a Bachelor of Commerce
                                  focused on the provision of governance services to top     (Hons.) degree from University College Dublin,
                                  tier investment managers, primarily in the US market       Ireland.




                                                                     Integrity
                                                                                        Independence
Carne Directors: Ireland / Cayman Islands


                                   Mary is Managing Director, Alternatives in the          world. With an in depth understanding of both
                                 Carne Ireland office and has over 20 years of             investment manager and investor requirements,
                                 experience in the provision of administration             Mary is well placed to align these needs with those
                                 services for alternative funds. Mary focuses on           imposed by the jurisdictional, regulatory and legal
                                 governance services for alternative investment            structures affecting a fund.
                                 funds, in both regulated and unregulated domiciles,         Before joining IFS Mary was the Senior Manager
                                 in particular hedge and private equity funds.             of hedge fund accounting at Daiwa Europe Bank.
                                   Mary was a founder and member of the senior             Mary is a fellow of the Association of Chartered
                                 management team at International Fund Services            Certified Accountants.
                                 (Ireland) Limited ("IFS"), a State Street company, from
Mary Murphy                      IFS' launch in 1996. At IFS she focused on the growth
MARY IS MANAGING DIRECTOR,
                                 of its hedge fund administration business and more
ALTERNATIVES IN CARNE IRELAND
                                 recently, since 2009, on State Street's private equity
AND A LEADING INDUSTRY
FIGURE. SHE HAS OVER 20 YEARS’   fund services business. Over the last 20 years Mary
EXPERIENCE IN THE PROVISION OF   has worked with many hedge funds which have
SERVICES TO ALTERNATIVE FUNDS.   grown to become the largest hedge funds in the




                                   John is the founder of Carne and has over 20              John spent 12 years with Deutsche Bank,
                                 years' experience in the financial services industry      where he rose to become CEO, Europe, Asia and
                                 holding senior positions with Deutsche Bank,              Offshore, Deutsche Global Fund Services. Prior to
                                 State Street and KPMG. John sits on and chairs the        establishing Carne, he was a Senior Vice President
                                 boards of some of the world's largest and most            of State Street. John qualified as a Chartered
                                 complex mutual and hedge funds. He advises                Accountant with KPMG in Dublin. He is a Fellow of
                                 global asset managers in areas such as governance,        the Institute of Chartered Accountants and holds a
                                 product development, distribution and market              First Class Honours degree in Accounting & Finance
                                 developments.                                             from Dublin City University.
                                   Prior to Carne John was a Managing Director of
John Donohoe                     Deutsche Bank. He has served as an executive/non-
JOHN DONOHOE IS CEO AND          executive director on various Deutsche Bank boards,
PRINCIPAL OF CARNE. HE
                                 including Deutsche International (Ireland) Limited
ESTABLISHED CARNE AT THE
                                 and subsidiaries, Morgan Grenfell & Co Limited
BEGINNING OF 2004 AND IT IS
NOw THE LEADING GOVERNANCE       (Deutsche's UK investment bank), Deutsche Trustees
PROVIDER TO GLOBAL ASSET         (UK) Limited and The WM company Limited.
MANAGERS.




                                   Teddy is a Principal within Carne Ireland. He             Prior to joining Carne, Teddy was employed by the
                                 acts as a Director / Chairman on a number of Irish        Allianz Group in Ireland for six years. During this
                                 management companies and fund companies for               time he was director of Allianz Global Investors
                                 leading global managers as well as Cayman-domiciled       Irish and Cayman domiciled companies and funds
                                 hedge funds. He carries out oversight services in the     and had responsibility for operations and product
                                 context of UCITS IV requirements on a range of funds      management. He held senior management
                                 and acts as a designated director/chairman. Teddy         positions in the areas of market data and custody
                                 has advised asset managers on product structuring         at Deutsche Bank in Ireland, having previously
                                 for funds, the use of derivatives in UCITS, eligibility   worked in the investment banking division of
                                 of investment strategies in UCITS, risk management        Deutsche Bank in Frankfurt. Prior to that, Teddy
Teddy Otto                       procedures and compliance aspects.                        worked in finance/treasury with Bankgesellschaft
TEDDY OTTO HAS OVER 20 YEARS’
                                   He has assisted many managers with setting up           Berlin.
EXPERIENCE IN FINANCIAL
SERVICES. HE SPECIALISES IN      funds and management companies. He has extensive            Teddy holds a degree in Business Administration
GOVERNANCE, OPERATIONS, RISK,    experience in the areas of governance, product            from Technische Universit t Berlin.
PRODUCT DEVELOPMENT AND          development and structuring, risk, compliance,
COMPLIANCE.                      custody, fund operations and valuations.
Carne Directors: Ireland / Cayman Islands

                                    John is a Principal with Carne Ireland. He acts as an     John qualified as a Chartered Accountant with
                                  independent director and chairman to a number of           Deloitte and holds a Bachelor of Commerce degree.
                                  leading fund boards and management companies. He
                                  also acts as a designated individual to a number of
                                  UCITS IV management companies and self-managed
                                  VCCs. In addition, John specialises in compliance,
                                  product and operations for traditional funds and
                                  hedge funds, advising and assisting fund managers/
                                  promoters on fund structuring and launches. He has
                                  extensive knowledge on UCITS funds.
John Skelly                         Prior to joining Carne in 2006, John held a number
JOHN SKELLY HAS 20 YEARS
                                  of senior management positions with leading banks
EXPERIENCE IN THE INVESTMENT
FUNDS INDUSTRY. HE SPECIALISES
                                  and asset management companies, including BNP
IN GOVERNANCE, COMPLIANCE,        Paribas Securities Services and Norwich Union
PRODUCT AND OPERATIONS FOR        Investments (now Aviva Investors).
TRADITIONAL AND HEDGE FUNDS.




                                     Yvonne is a Principal with Carne Ireland. She acts      directly to the CEO and was a key contributor to
                                   as a director for Irish management companies and          the overall strategy and direction of the business.
                                   funds. She also specialises in governance, product          Yvonne trained as a chartered accountant with
                                   development, compliance, financial reporting              KPMG, specialising in corporate taxation. She is a
                                   and operations. Formerly, she has assisted fund           Fellow of the Institute of Chartered Accountants
                                   managers and service providers with various aspects
                                   of operational development and efficiency and
                                   is a recognised expert in the field of back office
                                   operations and change management.
                                      Prior to joining Carne Yvonne was Head
Yvonne Connolly                    of Operational Development at State Street
YVONNE CONNOLLY HAS 20 YEARS
                                   (International) Ireland (formerly Deutsche Bank),
EXPERIENCE IN THE INVESTMENT
                                   where she looked after new business take on,
FUNDS INDUSTRY. SHE SPECIALISES
IN GOVERNANCE, COMPLIANCE,         product development, system implementation and
PRODUCT AND OPERATIONS FOR         change management. As a member of the senior
TRADITIONAL AND HEDGE FUNDS.       management team at State Street, Yvonne reported




                                    Ann-Marie is a Principal with Carne Ireland and has       Ms Galvin trained as a chartered accountant with
                                  20 years' experience in financial services. She acts       KPMG, specialising in corporate taxation. She is a
                                  as an independent director for a number of fund            Fellow of the Institute of Chartered Accountants.
                                  boards and management companies. Ann-Marie has             She holds a Diploma in Professional Accounting
                                  also assisted clients with the launch of UCITS and         and a Bachelor of Commerce degree from
                                  other funds. Her specialist areas include corporate        University College Dublin.
                                  governance, product structuring, fund administration,
                                  transfer agency and distribution platforms.
                                    Before joining Carne, she was Head of Transfer
                                  Agency at State Street (International) Ireland
Ann-Marie Galvin                  (formerly Deutsche Bank). She was a member of the
ANN-MARIE GALVIN HAS 20 YEARS’    senior management team reporting to the CEO, and a
EXPERIENCE IN THE INVESTMENT      key contributor to the overall strategy and direction of
FUNDS INDUSTRY, SPECIALISING      the business.
IN CORPORATE GOVERNANCE,
                                    She was also a director of a number of investment
PRODUCT STRUCTURING, FUND
ADMINISTRATION, TRANSFER
                                  companies and a member of the Irish Funds Industry
AGENCY AND DISTRIBUTION           Association Committee for Transfer Agency and
PLATFORMS.                        Marketing for several years.


                                                                                            Expertise
                                                                                                        Experience
Carne Directors: Ireland / Cayman Islands


                                  Elizabeth is a Director with Carne Ireland             Commerce from University College Cork, and has
                                specialising in corporate governance, product            a Masters degree in Business Studies from the
                                development, financial reporting and fund oversight      Smurfit Graduate School of Business.
                                for both mutual and hedge funds. She carries               Elizabeth is a member of the Association of
                                out oversight services in the context of UCITS           Chartered Certified Accountants.
                                requirements on a range of funds and also acts as
                                a Designated Individual on a number of Irish fund
                                companies.
                                  Elizabeth has also assisted managers on projects
                                such as conversions from non-UCITS to UCITS,
Elizabeth Beazley               dedicated UCITS fund launches and has worked
ELIZABETH IS A DIRECTOR wITH
                                with a leading investment manager to develop their
CARNE IRELAND SPECIALISING IN
GOVERNANCE, UCITS OVERSIGHT,    global financial reporting oversight capability. Prior
PRODUCT DEVELOPMENT,            to joining Carne Elizabeth spent four years with AIB/
COMPLIANCE AND FINANCIAL        BNY Fund Management in Ireland, and before that
REPORTING.                      worked for HSBC. She graduated with a Bachelor of


Carne Directors: New York

                                  Joe is the Managing Director of Carne Global           into the offshore market. He provides structuring
                                Financial Services in New York. He has over 20           services, launch advice, and project management
                                years of experience in the financial services            with a specialisation in UCITS compliant vehicles.
                                industry including more than 14 years of managing          Prior to joining Carne in 2010, Joe spent 13 years
                                and providing directorship for offshore structures       at American Express managing their offshore
                                domiciled in Luxembourg, Ireland, and the Cayman         collective investment vehicle business and 10 years
                                Islands. Joe was formerly fully responsible for the      at Alliance-Bernstein managing financial controls
                                American Express Luxembourg fund ranges and sat          and operational risk.
                                on the board of directors of all fund vehicles and the
                                associated management company.
Joe Hardiman                      He was also on the boards of the American Express
JOE IS MANAGING DIRECTOR
                                hedge fund offerings as well as their private equity
CARNE USA. HE HAS BEEN AN
EXECUTIVE IN THE INVESTMENT
                                structure. In addition to acting as an independent
INDUSTRY FOR MORE THAN          director, Joe works as consultant for Carne focusing
20 YEARS.                       his efforts on managers interested in expanding


Carne Directors: Switzerland

                                  Veronica is a Principal with Carne Switzerland.           Prior to that she was a consultant within
                                She has 11 years of experience within the asset          the Regulatory Consulting Practice at
                                management industry. Her specialist areas                PricewaterhouseCoopers in London, focusing on
                                are governance, product development and                  fund management. Veronica holds a degree in
                                implementation for Luxembourg and Dublin products,       Aeronautical Engineering from the University
                                fund and asset management compliance for both            of Southampton and a Masters in Design
                                traditional and alternative managers, regulatory         Management, as well as a number of industry
                                authorisations, foreign fund registrations/UCITS         compliance and fund management qualifications.
                                passporting, and independent oversight.
                                  Prior to joining Carne in 2006, Veronica worked as a
Veronica Buffoni                compliance specialist at Fleming Family & Partners in
VERONICA IS A PRINCIPAL wITH
                                London, a leading wealth management business.
CARNE SwITZERLAND.
Carne Directors: London


                                  Bill is a Principal with Carne London. He is an            Liquidity EMEA at JPMorgan Asset Management.
                                experienced operations and business manager                  Previously, Bill worked within PIMCO with
                                within the international pooled fund investment              responsibility for overseeing the operations and
                                management industry (privately placed or publicly            administration of PIMCO's international pooled
                                offered). Bill has over 20 years of experience as a          fund product ranges.
                                product and business manager and has launched                  Bill holds a BA in English from Oberlin College
                                innovative fund products and implemented highly              and an MBA from University of California, Irvine.
                                tuned client servicing processes.
                                  His expertise includes board governance, product
                                development and management, UCITS and other
Bill Blackwell                  regulatory structures, compliance, business and
BILL HAS OVER 20 YEARS’
                                product strategy, fixed income and derivatives,
EXPERIENCE IN FINANCIAL
SERVICES. HE SPECIALISES IN
                                product design, country registrations and project
GOVERNANCE, OPERATIONS, RISK,   management.
PRODUCT DEVELOPMENT AND           Prior to joining Carne, Bill worked as a Vice President,
COMPLIANCE.                     Senior Manager Product Development, Global



                                  Aymeric is the Managing Director of Carne London.
                                He has 14 years of business and change management
                                experience including nine years working for Merrill
                                Lynch in three different countries, covering securities
                                brokerage and wealth management.
                                  His final positions at Merrill Lynch were Chief
                                Operating Officer of the Zurich private wealth
                                management office and manager in charge of the
                                Monaco private wealth office. After leaving Merrill
                                Lynch, Aymeric led the restructuring of a family
Aymeric Lechartier              owned business as CEO. Aymeric is a native French
AYMERIC IS THE MANAGING
                                speaker and he is also fluent in German and Spanish.
DIRECTOR OF CARNE LONDON.
HE SPECIALISES IN GOVERNANCE,
PRODUCT DEVELOPMENT AND
DISTRIBUTION.




                                                                            Professional
                                                                                                            Proactive
Dublin
John Donohoe
Carne Global Financial Services Limited
2nd Floor, Block E, Iveagh Court
Harcourt Road
Dublin 2
t: +353 1 489 6800
e: john.donohoe@carnegroup.com

Cayman Islands
Peter Heaps
Carne Global Financial Services (Cayman) Limited

Grand Pavilion Commercial Center
West Bay Road
Grand Cayman Ky1-1107
t: +1 345 769 9900
e: peter.heaps@carnegroup.com

Luxembourg
Justin Egan
Carne Global Financial Services (Luxembourg) S..r.l.
25b Boulevard Royal
L-2449
Luxembourg
t: +352 267 3231
e: justin.egan@carnegroup.com

New York
Joe Hardiman
Carne Global Financial Services Limited
PO Box 851
Spring Lake
NJ 07762 USA
t: +1 732 642 5808
e: joe.hardiman@carnegroup.com

Switzerland
Veronica Buffoni
Carne Global Financial Services (Switzerland) GmbH
Gubelstrasse 5
P.O. Box 1524
6301 Zug, Switzerland
t: +41 78 936 1976
e: veronica.buffoni@carnegroup.com

London
Aymeric Lechartier
Carne Financial Services (UK) LLP
City Tower
40 Basinghall Street
London EC2V 5DE
t: +44 207 618 8382
e: aymeric.lechartier@carnegroup.com

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Fund Directors Bring Key Advantages for Investors

  • 1. Carne Global Financial Services Limited Fund Directorships
  • 2. Code of Conduct for Independent Directors Carne Directors follow a Code of Conduct which outlines our structure for good corporate governance application, compliance, and industry best practice. BEST PRACTICE Carne Directors will act in accordance with best practice guidelines relating to corporate governance, such as those established by AIMA, the Hedge Fund Standards Board, Irish Funds Industry Association, CSSF (Luxembourg) and the President’s Working Group. CONFLICTS OF INTEREST Carne Directors seek to avoid conduct that could reasonably be construed as creating a potential or actual conflict of interest. In addition, no Carne Director will take on more than 30 commercial relationships in the course of their duties. CONFIDENTIALITy Carne Directors will not disclose any non- public client-related information obtained as a consequence of their directorship unless permission to disclose such information is granted. USE OF CORPORATE INFORMATION Carne Directors will not compete with clients. FAIR DEALING Carne Directors will deal fairly and not take advantage of clients. FIDUCIARy RESPONSIBILITIES Carne Directors will represent the interests of shareholders. LEGAL AND REGULATORy COMPLIANCE Carne Directors act in strict compliance with all applicable laws, rules and regulations.
  • 3. Investors want to see highly qualified independent directors sitting on a fund board. High quality independent directors bring an additional layer of confidence for investors that risks are being managed; their presence is evidence that best practices are being maintained. John Donohoe, CEO, Carne Group Carne Directors are fund industry professionals, A Carne director on a board brings with them a number of key advantages for all of whom have in-depth knowledge, expertise the fund: and lengthy track records within the asset management industry. Working with a wide 1. Investor Assurance and Added Value range of investment funds, our directors are on hand to provide support and guidance to the Investor due diligence around governance becomes easier because institutional boards on which they serve. investors know Carne and its governance principles and standards. This gives them more comfort and assurance. As independent directors, Carne Directors' Carne has a wealth of relevant experience that our clients can draw on to assist fiduciary responsibilities include acting in them with their asset management businesses and investment products. the best interests of shareholders, managing Collectively Carne Directors have a deep pool of knowledge on a range of critical conflicts of interest that may arise, and making issues, including product structuring and development, compliance and risk. informed decisions when differences of opinion need to be resolved. 2. Reduce Risk Carne Directors are equipped to work in a Carne Directors have long and respected track records in the asset management holistic fashion with other key fund stakeholders, industry, supporting clients in identifying, managing and controlling risks. Our such as investment managers, legal counsel, directors encourage the application of a risk-based corporate governance approach, administrators, custodians, prime brokers, giving investors an additional degree of assurance. auditors and distributors. 3. Independent and Limited Number of Directorships Carne Directors are part of Carne Global Financial Services group ("Carne"), the global Carne Directors are limited in the number of investment manager relationships leader in fund governance. Carne is an they can enter into. We do not believe you can commoditise the role of an international firm, with offices in the major fund independent director without compromising on that director's effectiveness. Every centers and with considerable depth of expertise fund is unique and requires the directors to attend diligently to its affairs. Most and knowledge. Carne delivers tailored business institutional investors believe that directors should not act for more than 20 to 30 solutions to global asset management clients, Investment Manager relationships which is the Carne standard. They also believe specialising in governance and oversight. there should be regular full board meetings (at least three a year with minimum one "in person") covering key risk areas to the fund. Why clients select Carne Directors 4. Support Infrastructure Investors need assurance now more than ever; they are becoming increasingly focused on the Carne Directors can draw on the group's administrative and professional numbers of directorships held and the role of infrastructure which allows Carne Directors to devote their attention fully to independent directors on fund boards. According their fiduciary responsibilities. The broad range of professional skill sets present to our own research of top institutional global within Carne includes experts in best practices, investment products, derivatives, hedge fund allocators, 80% of investors have regulations, valuation policies, compliance, risk management, accountancy and decided at some point against investing in funds corporate secretarial. because of overall governance concerns. 5. Conflicts of Interest and Transparency Over 90% told us that governance of fund boards is now much more important to them Investors believe that funds should have a clear conflicts policy which includes the and is their top priority. The role of the seasoned relevant interests of all directors and delegates that may lead to potential conflicts. independent director is more critical than ever. It should include transparency on other directorships held and procedures in the event of conflicts arising including director voting rights. Carne believes this is good Fund managers choose Carne because of our practice. recognised reserve of knowledge of the asset management industry. Carne Directors are 6. Increase Assets appointed on the strength of their considerable industry track record, their asset management Carne support funds seeking to reach their intended investor base and raise industry expertise, and their integrity as capital. Support includes registration of funds in foreign jurisdictions, offshore fund individuals. structuring, and providing guidance on potential distributors and platforms. Institutional Investors know Carne and feel more assured when Carne Directors are on their boards.
  • 4. Carne Directors Carne Global’s Independent Directors’ Panel is international, based in six locations: Cayman, Luxembourg, Ireland, New York, Switzerland and London. Carne Directors: Luxembourg Thomas is a Managing Director with Carne fund of funds). Prior to that he worked as an option Luxembourg. Thomas acts as an independent director trader (EUREX market maker) for AGON, Cologne. on Luxembourg funds and management companies Thomas is a well known industry risk and product as well as advising clients on product structuring, fund expert. He is co-chairman of ALFI's Risk Management launches, compliance, risk and governance issues. Committee and also Member of the Board of PRiM, Thomas was Director and Chief Risk Officer for Allianz the Luxembourgish Risk Manager association. He has Global Investors Luxembourg S.A., where he worked for spoken on conference panels, written articles and eight years on a wide range of risk and fund compliance contributed to policy papers. He has assisted ALFI in issues. In particular, he built up the UCITS compliant its dealings with the CSSF and ESMA in relation to risk management system for the Allianz fund range. policy formulation for both UCITS and alternative Thomas Nummer In addition, Thomas was appointed as Head of funds. Thomas holds a University degree (Dipl. THOMAS NUMMER HAS OVER 15 YEARS’ EXPERIENCE IN ASSET Outsourcing risk for all Management Companies at Kaufmann) from the University of Trier, Germany MANAGEMENT AND FINANCIAL Allianz Global Investors Europe. including an academic year at Reading University, SERVICES. HIS AREAS OF EXPERTISE Before Thomas worked for Adig Investment in UK. Furthermore Thomas holds a post-graduate INCLUDE RISK MANAGEMENT, Luxembourg for five years, focusing on fund degree as Financial Analyst (CEFA) from the Society of COMPLIANCE, REGULATION AND management (passively managed equity funds and Investment Professionals in Germany, DVFA. FUND STRUCTURING. Justin is the Managing Director of Carne including Head of Trustee Services, Global Head of Luxembourg. He acts as an independent Chairman Market Data Services, Head of Valuations and Fund and Director for a number of leading fund boards, Accounting, and Financial Controller. including regulated and alternative funds. In addition Justin qualified as a Chartered Accountant with to acting as an independent fund director, Justin KPMG and holds a Bachelor of Commerce degree advises fund managers and promoters on fund from University College, Dublin. structuring and launches, and is a leading expert on UCITS funds. He has worked with many asset managers, including alternative managers and investment banks, on the Justin Egan structuring and launch of funds domiciled in both JUSTIN EGAN HAS OVER 20 YEARS’ Luxembourg and Ireland. His other specialist areas EXPERIENCE IN THE INVESTMENT FUNDS INDUSTRY. HE SPECIALISES include fund operations, compliance/regulatory IN GOVERNANCE, REGULATION, matters, and risk. Prior to joining Carne in 2005, COMPLIANCE, DERIVATIVES Justin worked for State Street (previously Deutsche PRODUCTS AND OPERATIONS. Bank) in Ireland, and held several positions there, Tracey is a Director and Principal with Carne business development, new systems implementation, Luxembourg, and has 17 years of experience in the budgetary and financial matters. She previously investment funds industry. She acts as an independent spent five years at BNP Securities Services director and also as a dirigeant for a number of Luxembourg where she was Head of Client Services. Luxembourg investment funds. Before that she worked as Global Custody Manager at Tracey is involved in the development of best Deutsche International Ireland. practice in fund governance through her work with ALFI (Luxembourg fund industry association). Tracey advises fund promoters on the launch of new funds. Additionally, she has undertaken a number of project Tracey McDermott roles (covering fund launches / mergers / conversions / TRACEY MCDERMOTT IS migrations). A DIRECTOR OF CARNE Prior to joining Carne, she was General Manager of LUXEMBOURG AND HAS 17 YEARS’ EXPERIENCE IN THE INVESTMENT PFPC Luxembourg, where she was responsible for day to FUNDS INDUSTRY. day operational management of fund accounting and transfer agency activities, relationship management,
  • 5. Carne Directors: Cayman Islands Peter is Managing Director of Carne Cayman and Head at RBC Dexia in Ireland, where he established has over 25 years' experience in the hedge, private and developed the operational risk and new business equity and traditional funds industry. He is experienced implementation departments and managed the in a wide range of investment strategies, including inaugural SAS 70 accreditation. Before this, he was a equity long/short, global macro, systematic trading, director of HSBC's Irish fund administration business CTA, credit, event driven, arbitrage, distressed/special with European client relationship management situations, multi-strategy and private equity. During responsibility for Alternative Fund Services, working his career he has served as a director on the boards with institutional, established, emergent and of funds sponsored by highly respected investment boutique investment managers. He also established managers. and managed the credit origination department. Peter Heaps He has been appointed Managing Director at leading Prior to this he was Managing Director of Bank of PETER HEAPS HAS OVER 25 YEARS’ financial institutions and has had full responsibility Bermuda's fund administration business in Guernsey. EXPERIENCE IN THE INVESTMENT FUNDS INDUSTRY. HE SPECIALIZES for multi-billion dollar fund operations and large staff Peter has also held senior management positions IN GOVERNANCE, REGULATION, numbers, whilst gaining significant experience in funds with Gartmore, where he was Company Secretary and COMPLIANCE, RISK AND PRODUCT governance, compliance, risk and product development. Compliance Officer. He holds a LLB Honours, Business DEVELOPMENT FOR HEDGE AND Previously, Peter was Managing Director and Country Law. OTHER ALTERNATIVE FUNDS. Roisin is a Principal of Carne Cayman and has over committee and as a member of the board of 18 years' legal and regulatory experience in the directors of the CSX. investment funds industry. She trained and practiced Roisin is a member of AIMA as an independent as a solicitor with Linklaters in London from 1991 to fund director, a member of the Cayman Islands 1996 before returning to the Cayman Islands, where Directors' Association and also a member of the she was an investment funds attorney until 2008. board of the NCVO, a local charitable organization. Her most recent role prior to becoming a director Roisin is also a notary public. She graduated with was as a partner in the Cayman office of the a Bachelor of Laws (Hons.) from Nottingham international offshore law firm Mourant du Feu University in 1990 and qualified as a solicitor in & Jeune, where her roles between 2005 and 2008 England and Wales in 1993, as well as an attorney- Roisin Cater included head of the investment funds practice, at-law in the Cayman Islands in 1996. ROISIN HAS OVER 18 YEARS’ LEGAL head of the office, MLRO and head of corporate AND REGULATORY EXPERIENCE IN THE INVESTMENT FUNDS administration. Roisin also spent two years as the INDUSTRY. senior listing executive of the Cayman Islands Stock Exchange ("CSX") from 1998 to 2000 and continues to advise the CSX, both as a member of the listing John is a Director of Carne Cayman and has over and acted as a director to large investment funds. 18 years of experience in the financial services John was also responsible for the accounting industry. He has extensive experience in working business line, managing a team responsible for with a wide range of investment fund structures providing services to private equity funds and and strategies and has served as a director to funds special purpose vehicles sponsored by prominent sponsored by many of the world's most respected banks. and largest investment managers. John came to the Following this, John was appointed SVP and Cayman Islands with Butterfield Fund Services (now Senior Executive Officer of Maples Finance Dubai Butterfield Fulcrum) where he was responsible for the where he led its establishment and obtained local administration of a complex portfolio of investment regulatory approval. He was also responsible for John Ackerley funds. business development and served as a director to JOHN IS A DIRECTOR OF CARNE Following this, John was Vice President at Bank of client investment structures. John is a Fellow of CAYMAN AND HAS OVER 18 YEARS OF EXPERIENCE IN THE FINANCIAL America Cayman where he had overall responsibility the Institute of Chartered Accountants in Ireland, SERVICES INDUSTRY. for the client reporting team. He then moved to a member of the Society of Trust and Estate Rawlinson & Hunter/ The Harbour Trust Co. where he Practitioners, and holds a Bachelor of Commerce focused on the provision of governance services to top (Hons.) degree from University College Dublin, tier investment managers, primarily in the US market Ireland. Integrity Independence
  • 6. Carne Directors: Ireland / Cayman Islands Mary is Managing Director, Alternatives in the world. With an in depth understanding of both Carne Ireland office and has over 20 years of investment manager and investor requirements, experience in the provision of administration Mary is well placed to align these needs with those services for alternative funds. Mary focuses on imposed by the jurisdictional, regulatory and legal governance services for alternative investment structures affecting a fund. funds, in both regulated and unregulated domiciles, Before joining IFS Mary was the Senior Manager in particular hedge and private equity funds. of hedge fund accounting at Daiwa Europe Bank. Mary was a founder and member of the senior Mary is a fellow of the Association of Chartered management team at International Fund Services Certified Accountants. (Ireland) Limited ("IFS"), a State Street company, from Mary Murphy IFS' launch in 1996. At IFS she focused on the growth MARY IS MANAGING DIRECTOR, of its hedge fund administration business and more ALTERNATIVES IN CARNE IRELAND recently, since 2009, on State Street's private equity AND A LEADING INDUSTRY FIGURE. SHE HAS OVER 20 YEARS’ fund services business. Over the last 20 years Mary EXPERIENCE IN THE PROVISION OF has worked with many hedge funds which have SERVICES TO ALTERNATIVE FUNDS. grown to become the largest hedge funds in the John is the founder of Carne and has over 20 John spent 12 years with Deutsche Bank, years' experience in the financial services industry where he rose to become CEO, Europe, Asia and holding senior positions with Deutsche Bank, Offshore, Deutsche Global Fund Services. Prior to State Street and KPMG. John sits on and chairs the establishing Carne, he was a Senior Vice President boards of some of the world's largest and most of State Street. John qualified as a Chartered complex mutual and hedge funds. He advises Accountant with KPMG in Dublin. He is a Fellow of global asset managers in areas such as governance, the Institute of Chartered Accountants and holds a product development, distribution and market First Class Honours degree in Accounting & Finance developments. from Dublin City University. Prior to Carne John was a Managing Director of John Donohoe Deutsche Bank. He has served as an executive/non- JOHN DONOHOE IS CEO AND executive director on various Deutsche Bank boards, PRINCIPAL OF CARNE. HE including Deutsche International (Ireland) Limited ESTABLISHED CARNE AT THE and subsidiaries, Morgan Grenfell & Co Limited BEGINNING OF 2004 AND IT IS NOw THE LEADING GOVERNANCE (Deutsche's UK investment bank), Deutsche Trustees PROVIDER TO GLOBAL ASSET (UK) Limited and The WM company Limited. MANAGERS. Teddy is a Principal within Carne Ireland. He Prior to joining Carne, Teddy was employed by the acts as a Director / Chairman on a number of Irish Allianz Group in Ireland for six years. During this management companies and fund companies for time he was director of Allianz Global Investors leading global managers as well as Cayman-domiciled Irish and Cayman domiciled companies and funds hedge funds. He carries out oversight services in the and had responsibility for operations and product context of UCITS IV requirements on a range of funds management. He held senior management and acts as a designated director/chairman. Teddy positions in the areas of market data and custody has advised asset managers on product structuring at Deutsche Bank in Ireland, having previously for funds, the use of derivatives in UCITS, eligibility worked in the investment banking division of of investment strategies in UCITS, risk management Deutsche Bank in Frankfurt. Prior to that, Teddy Teddy Otto procedures and compliance aspects. worked in finance/treasury with Bankgesellschaft TEDDY OTTO HAS OVER 20 YEARS’ He has assisted many managers with setting up Berlin. EXPERIENCE IN FINANCIAL SERVICES. HE SPECIALISES IN funds and management companies. He has extensive Teddy holds a degree in Business Administration GOVERNANCE, OPERATIONS, RISK, experience in the areas of governance, product from Technische Universit t Berlin. PRODUCT DEVELOPMENT AND development and structuring, risk, compliance, COMPLIANCE. custody, fund operations and valuations.
  • 7. Carne Directors: Ireland / Cayman Islands John is a Principal with Carne Ireland. He acts as an John qualified as a Chartered Accountant with independent director and chairman to a number of Deloitte and holds a Bachelor of Commerce degree. leading fund boards and management companies. He also acts as a designated individual to a number of UCITS IV management companies and self-managed VCCs. In addition, John specialises in compliance, product and operations for traditional funds and hedge funds, advising and assisting fund managers/ promoters on fund structuring and launches. He has extensive knowledge on UCITS funds. John Skelly Prior to joining Carne in 2006, John held a number JOHN SKELLY HAS 20 YEARS of senior management positions with leading banks EXPERIENCE IN THE INVESTMENT FUNDS INDUSTRY. HE SPECIALISES and asset management companies, including BNP IN GOVERNANCE, COMPLIANCE, Paribas Securities Services and Norwich Union PRODUCT AND OPERATIONS FOR Investments (now Aviva Investors). TRADITIONAL AND HEDGE FUNDS. Yvonne is a Principal with Carne Ireland. She acts directly to the CEO and was a key contributor to as a director for Irish management companies and the overall strategy and direction of the business. funds. She also specialises in governance, product Yvonne trained as a chartered accountant with development, compliance, financial reporting KPMG, specialising in corporate taxation. She is a and operations. Formerly, she has assisted fund Fellow of the Institute of Chartered Accountants managers and service providers with various aspects of operational development and efficiency and is a recognised expert in the field of back office operations and change management. Prior to joining Carne Yvonne was Head Yvonne Connolly of Operational Development at State Street YVONNE CONNOLLY HAS 20 YEARS (International) Ireland (formerly Deutsche Bank), EXPERIENCE IN THE INVESTMENT where she looked after new business take on, FUNDS INDUSTRY. SHE SPECIALISES IN GOVERNANCE, COMPLIANCE, product development, system implementation and PRODUCT AND OPERATIONS FOR change management. As a member of the senior TRADITIONAL AND HEDGE FUNDS. management team at State Street, Yvonne reported Ann-Marie is a Principal with Carne Ireland and has Ms Galvin trained as a chartered accountant with 20 years' experience in financial services. She acts KPMG, specialising in corporate taxation. She is a as an independent director for a number of fund Fellow of the Institute of Chartered Accountants. boards and management companies. Ann-Marie has She holds a Diploma in Professional Accounting also assisted clients with the launch of UCITS and and a Bachelor of Commerce degree from other funds. Her specialist areas include corporate University College Dublin. governance, product structuring, fund administration, transfer agency and distribution platforms. Before joining Carne, she was Head of Transfer Agency at State Street (International) Ireland Ann-Marie Galvin (formerly Deutsche Bank). She was a member of the ANN-MARIE GALVIN HAS 20 YEARS’ senior management team reporting to the CEO, and a EXPERIENCE IN THE INVESTMENT key contributor to the overall strategy and direction of FUNDS INDUSTRY, SPECIALISING the business. IN CORPORATE GOVERNANCE, She was also a director of a number of investment PRODUCT STRUCTURING, FUND ADMINISTRATION, TRANSFER companies and a member of the Irish Funds Industry AGENCY AND DISTRIBUTION Association Committee for Transfer Agency and PLATFORMS. Marketing for several years. Expertise Experience
  • 8. Carne Directors: Ireland / Cayman Islands Elizabeth is a Director with Carne Ireland Commerce from University College Cork, and has specialising in corporate governance, product a Masters degree in Business Studies from the development, financial reporting and fund oversight Smurfit Graduate School of Business. for both mutual and hedge funds. She carries Elizabeth is a member of the Association of out oversight services in the context of UCITS Chartered Certified Accountants. requirements on a range of funds and also acts as a Designated Individual on a number of Irish fund companies. Elizabeth has also assisted managers on projects such as conversions from non-UCITS to UCITS, Elizabeth Beazley dedicated UCITS fund launches and has worked ELIZABETH IS A DIRECTOR wITH with a leading investment manager to develop their CARNE IRELAND SPECIALISING IN GOVERNANCE, UCITS OVERSIGHT, global financial reporting oversight capability. Prior PRODUCT DEVELOPMENT, to joining Carne Elizabeth spent four years with AIB/ COMPLIANCE AND FINANCIAL BNY Fund Management in Ireland, and before that REPORTING. worked for HSBC. She graduated with a Bachelor of Carne Directors: New York Joe is the Managing Director of Carne Global into the offshore market. He provides structuring Financial Services in New York. He has over 20 services, launch advice, and project management years of experience in the financial services with a specialisation in UCITS compliant vehicles. industry including more than 14 years of managing Prior to joining Carne in 2010, Joe spent 13 years and providing directorship for offshore structures at American Express managing their offshore domiciled in Luxembourg, Ireland, and the Cayman collective investment vehicle business and 10 years Islands. Joe was formerly fully responsible for the at Alliance-Bernstein managing financial controls American Express Luxembourg fund ranges and sat and operational risk. on the board of directors of all fund vehicles and the associated management company. Joe Hardiman He was also on the boards of the American Express JOE IS MANAGING DIRECTOR hedge fund offerings as well as their private equity CARNE USA. HE HAS BEEN AN EXECUTIVE IN THE INVESTMENT structure. In addition to acting as an independent INDUSTRY FOR MORE THAN director, Joe works as consultant for Carne focusing 20 YEARS. his efforts on managers interested in expanding Carne Directors: Switzerland Veronica is a Principal with Carne Switzerland. Prior to that she was a consultant within She has 11 years of experience within the asset the Regulatory Consulting Practice at management industry. Her specialist areas PricewaterhouseCoopers in London, focusing on are governance, product development and fund management. Veronica holds a degree in implementation for Luxembourg and Dublin products, Aeronautical Engineering from the University fund and asset management compliance for both of Southampton and a Masters in Design traditional and alternative managers, regulatory Management, as well as a number of industry authorisations, foreign fund registrations/UCITS compliance and fund management qualifications. passporting, and independent oversight. Prior to joining Carne in 2006, Veronica worked as a Veronica Buffoni compliance specialist at Fleming Family & Partners in VERONICA IS A PRINCIPAL wITH London, a leading wealth management business. CARNE SwITZERLAND.
  • 9. Carne Directors: London Bill is a Principal with Carne London. He is an Liquidity EMEA at JPMorgan Asset Management. experienced operations and business manager Previously, Bill worked within PIMCO with within the international pooled fund investment responsibility for overseeing the operations and management industry (privately placed or publicly administration of PIMCO's international pooled offered). Bill has over 20 years of experience as a fund product ranges. product and business manager and has launched Bill holds a BA in English from Oberlin College innovative fund products and implemented highly and an MBA from University of California, Irvine. tuned client servicing processes. His expertise includes board governance, product development and management, UCITS and other Bill Blackwell regulatory structures, compliance, business and BILL HAS OVER 20 YEARS’ product strategy, fixed income and derivatives, EXPERIENCE IN FINANCIAL SERVICES. HE SPECIALISES IN product design, country registrations and project GOVERNANCE, OPERATIONS, RISK, management. PRODUCT DEVELOPMENT AND Prior to joining Carne, Bill worked as a Vice President, COMPLIANCE. Senior Manager Product Development, Global Aymeric is the Managing Director of Carne London. He has 14 years of business and change management experience including nine years working for Merrill Lynch in three different countries, covering securities brokerage and wealth management. His final positions at Merrill Lynch were Chief Operating Officer of the Zurich private wealth management office and manager in charge of the Monaco private wealth office. After leaving Merrill Lynch, Aymeric led the restructuring of a family Aymeric Lechartier owned business as CEO. Aymeric is a native French AYMERIC IS THE MANAGING speaker and he is also fluent in German and Spanish. DIRECTOR OF CARNE LONDON. HE SPECIALISES IN GOVERNANCE, PRODUCT DEVELOPMENT AND DISTRIBUTION. Professional Proactive
  • 10. Dublin John Donohoe Carne Global Financial Services Limited 2nd Floor, Block E, Iveagh Court Harcourt Road Dublin 2 t: +353 1 489 6800 e: john.donohoe@carnegroup.com Cayman Islands Peter Heaps Carne Global Financial Services (Cayman) Limited Grand Pavilion Commercial Center West Bay Road Grand Cayman Ky1-1107 t: +1 345 769 9900 e: peter.heaps@carnegroup.com Luxembourg Justin Egan Carne Global Financial Services (Luxembourg) S..r.l. 25b Boulevard Royal L-2449 Luxembourg t: +352 267 3231 e: justin.egan@carnegroup.com New York Joe Hardiman Carne Global Financial Services Limited PO Box 851 Spring Lake NJ 07762 USA t: +1 732 642 5808 e: joe.hardiman@carnegroup.com Switzerland Veronica Buffoni Carne Global Financial Services (Switzerland) GmbH Gubelstrasse 5 P.O. Box 1524 6301 Zug, Switzerland t: +41 78 936 1976 e: veronica.buffoni@carnegroup.com London Aymeric Lechartier Carne Financial Services (UK) LLP City Tower 40 Basinghall Street London EC2V 5DE t: +44 207 618 8382 e: aymeric.lechartier@carnegroup.com