Carne Global Launches Alternative Investment and Wealth Management Technology and Operational Consultancy Divisions in London

London - 4 April 2008

Carne Global Financial Services Group (“Carne Global”) – the leading independent advisor to the European hedge fund and traditional fund management industries – today announces the opening of its Alternative Investment and Wealth Management Technology and Operational Consultancy divisions in London and the recruitment of senior industry figures Sunil Chadda and Phil Kitto to lead them respectively.

These divisions add technology capabilities to Carne Global’s existing operational services. The divisions will capitalise on Carne Global’s long established presence within the fund management industry, and build on its strong track record in providing tailored solutions, services and products for alternative asset managers and service providers.

Sunil Chadda joins Carne Global as Head of Alternative Investments where his focus will primarily be on developing and driving the firm’s alternative investment technology and operational offerings to alternatives players such as hedge funds, fund of hedge funds, fund administrators, prime brokers, and private equity managers.

Sunil joins from Citisoft, a London-based financial systems consultancy, where he held the position of Head of the Hedge Funds and Derivatives Practice for the last three years. Prior to Citisoft, Mr Chadda had a 15 year career with Schroder Investment Management, where he led the Fixed Income Fund Management Desk IT team. Mr Chadda has in-depth knowledge of financial markets, the software landscape, systems evaluation and implementation and operational procedures and controls, having worked in UK financial services for nearly 22 years.

Phil Kitto joins Carne Global from Citisoft, a London-based financial systems consultancy, to lead the new Global Wealth Management and Private Client division. His focus will primarily be on the development of the firm’s capabilities with regard to technology and operational offerings of wealth managers and private banks, outsource providers and software vendors.

Mr Kitto has in-depth understanding of financial markets, the software landscape, systems evaluation, platform implementation and operational procedures and controls accumulated with UBS, Baring Asset Management and MAM over a career in financial services of nearly 22 years.

Mr Chadda and Mr Kitto join Aymeric Lechartier, who was appointed by Carne Global earlier this year as Head of Business Development in London, formerly of Merrill Lynch.

The creation of the Alternative Investment and Wealth Management Technology and Operational Consultancy divisions marks another major milestone in the rapid growth of Carne Global, which now advises over 100 clients with assets under supervision of over US$200 billion, and has a staff of over 40 based in Dublin, London and Luxembourg.

Carne Global offers expertise in fund establishment, directorship programmes and comprehensive services to support managers in the operations and compliance of their products, which will be in greater demand as changes in regulation and national tax laws take effect.

John Donohoe, CEO of Carne Global, commented: “The entire fund management industry - both traditional and alternative - is experiencing high demand for expertise in risk management and technology, particularly with the convergence of those industries with wealth management. We are fortunate to be able to meet this demand with the addition of such highly respected industry figures as Phil Kitto and Sunil Chadda.”

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