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Carne Group, a Dublin-based provider of technology solutions to the global funds industry, has agreed to buy an institutional investment platform from WTW, formerly Willis Towers Watson.
The deal will see WTW take a “minority stake” of an undisclosed size or value in Carne, subject to regulatory approvals.
The business being acquired, called the Asset Management Exchange (AMX), connects investors, asset managers and service partners so they can transact and interact all in one place through its institutional funds platform. It was established in 2017.
Carne said that AMX’s “ecosystem and investor relationships” will complement its service offering which includes third-party management company, due diligence, distribution and technology platforms.
Goal
“Carne’s ultimate goal is to unite the industry’s investors and distributors with their asset managers resulting in faster deployment of investment capital,” said John Donohoe, chief executive of Carne. “Now, with AMX as part of Carne, we can offer even better solutions to our clients and the entire industry through one of the sector’s leading digitally driven global platforms.”
Carne was valued at about €400 million 12 months ago in a deal that saw UK private equity firm Vitruvian Partners take a 25 per cent stake in the business for €100 million.
Carne has 400 employees in eight locations globally involved in managing the governance, compliance and regulatory requirements for about 600 of the world’s leading asset managers and institutional investors, with a total of $1 trillion (€890 billion) of money under management.
In addition, its flagship CORR (Compliance Oversight Risk & Reporting) platform is used by asset managers to help oversee $2 trillion in assets.