Carne Global Financial Services has appointed Justin Egan as managing director of the firms Luxembourg office.
Egan joined Carne in 2005 focusing on product structuring, compliance, regulation, risk management and operations. He has moved from his current Dublin-based role to take up the new position.
Egan’s specialism in establishing UCITS funds was a motivating factor behind the move. According to KdK Asset Management, 80% of established fund of hedge fund providers intend to launch some form of UCITS-investing vehicle over 2010.
Egan, Managing Director of Carne Global Financial Services Luxembourg, said: Carne has been at the centre of the revolution in alternative investment funds establishing UCITS and I look forward to continuing this momentum by bringing our specific focus of expertise in this area to Luxembourg.
Egan also serves as an independent director, chairman and conducting officer on the boards of several investment funds and management companies.
Prior to joining Carne, Egan spent 12 years with State Street International (previously Deutsche Bank) in Dublin, where he held several positions including head of Trustee Services and head of Valuations and Fund Accounting. He was a director of State Street Custodial Services (Ireland) and a member of the companys management committee.
Welcoming the appointment, John Donohoe, CEO of Carne Global, said: Against a background of rapid growth in the alternative UCITS market, with Justins appointment to Luxembourg we are putting one of our most senior executives on the ground to ensure we deliver the highest level of UCITS expertise to fund managers from Europe, Asia and North America who opt to use Luxembourg as their domicile of choice.
Carne Global has also recently appointed Penry Jackson as managing director and Alison Magrath as director of Compliance Services, Carne Dubai.
Jackson will focus on advisory services to asset managers including fund establishment, directorships and distribution. Magrath will act as Compliance Officer to asset managers and provide compliance advisory services in the Gulf Region.