Harness Taps Carne For Management of Luxembourg UCITS Fund

May 19 2015 | 9:57am ET

Harness Investment Group Hedge will work with Carne Group to develop an independent management company for its new Luxembourg-based UCITS fund.

The alternative investment manager will utilize Carne’s expertise in the formation and governance of UCITS and AIFMD management structures. Carne will also provide two independent directors to the board of the SICAV, according to a press release. 

Harness and Carne have worked together on the project, managing the successful launch of the fund. Carne also liaised with Luxembourg financial regulators to help manage the approvals process.

The group oversees in excess of US$740 million in absolute return mandates with foundations, family offices, banks, pension funds and asset management companies. Philippe Peress is the founder and Principal of Harness Group. The Group is controlled and owned by the principal’s family.

“We are pleased to have been able to work with a firm of Carne’s experience and professionalism in what has been a successful fund launch,” noted Martin Burke, product specialist for Harness. “Carne came recommended by some of our key partners at Harness and have delivered to high expectations. Their deep understanding of the regulatory and oversight requirements in launching UCITS product has played a valuable role in the launch of our fund.”

Aymeric Lechartier, Managing Director with Carne, added “For a sophisticated fund of this nature, it is important to have a partner who can help with the sometimes quite complex regulatory and operational requirements entailed by current UCITS regulations.

"Carne is an established provider of Luxembourg governance and registration solutions with the extensive service provider network that can facilitate a smooth approval and launch process for both UCITS and AIFMD funds,” Lechartier said.

London-based Harness was founded in 2009 by former Fortress manager Philippe Peress. A specialist asset manager focusing on absolute-return strategies, the fund operates exclusively through the use of foreign exchange.

The new UCITS fund is the latest of a number of investment vehicles and separate accounts through which it expresses its investment philosophy. 

Harness, which manages approximately $740 million, was among the hedge funds hit hard by the elimination of the Swiss Franc’s peg against the euro earlier this year, losing 8.8% in January alone.  

In Depth

PAAMCO: Will Inflation Deflate the Asset Bubble?

Jan 30 2018 | 9:49pm ET

As the U.S. shifts from monetary stimulus to fiscal stimulus, market pricing should...


CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Boost Hedge Fund Marketing ROI By Raising Your ROO

Feb 14 2018 | 9:57pm ET

Tasked with delivering returns on client capital, a common dilemma for many alternative...