A major Luxembourg third-party fund management company has agreed to acquire the Asset Management Exchange (AMX) to innovate its services.
Carne Group announced that it signed the agreement on Tuesday with Willis Towers Watson, a global advisory and solutions firm.
The AMX digital funds platform connects investors, asset managers and service partners allowing for transactions and interactions in a single place. Established in 2017 with $750m of hedge funds, in 2020 AMX was licensed for US investors.
Carne Group, meanwhile, was established in 2004 and has a major presence in Ireland where AMX’s 100-strong team is also located.
The agreement, which is subject to regulatory approvals, adds further to Carne’s portfolio of services, which includes third-party management, due diligence, distribution and technology platforms. According to a press statement dated 25 January, the transaction broadens access of Carne investors to fund managers and structures, whilst fund managers and distributors will have optimised products coming to market, driving faster time to revenue.”
“Working with WTW will increase our coverage, while AMX’s capabilities like its CCF platform and investor reporting tools will further expand our offering.”
John Donohoe
As part of the agreement, WTW takes a minority stake in Carne and will work as a partner with the group.
According to the Irish Times, the stake is smaller than the 25% holding taken in the group in 2021 by private equity company Vitruvian Partner and Carne managers will retain a controlling stake in the business.
Carne Group CEO John Donohoe said that the firm’s goal is to bring together investors and distributors with asset managers to speed up the deployment of investment capital. He said: “Working with WTW will increase our coverage, while AMX’s capabilities like its CCF platform and investor reporting tools will further expand our offering.”
AMX CEO Oliver Jaegemann reckons the acquisition will further accelerate the growth of its activities. He said: “Importantly, AMX and Carne share a goal to provide better outcomes for the industry and its end savers, and we believe that together we can achieve this”.
Once regulatory approvals are obtained, the transaction is expected to close in the second quarter of 2022.
