As asset managers have to check their risk controls to be in
shape for new regulations in Europe, Carne Group, which advises fund managers
on how to govern their businesses, has made two appointments to bolster its risk
management expertise, it said.

Investment professionals Albert Prendiville and Gerry Grimes
have joined Carne to deliver risk management. Prendiville joins from Commerzbank
Europe, where he was head of treasury in Ireland. Prior to this he was a senior
manager with responsibility for a trading desk at KBC in Ireland. He has
also worked at Dresdner Bank and Capel Cure Myers.

Grimes is a risk professional with over 30 years of
experience in financial markets, including as the founder and managing director
of the alternative investments business at Allied Irish Capital Management. He
also worked at the Central Bank of Ireland, where he held a number of
senior roles, including head of money markets and head of official external reserves
management. In addition, Grimes served as deputy chairman of the Alternative
Investment Management Association.

There is a need to add such expertise at a time when the
European Union is about to introduce sweeping regulations such as the
Alternative Investment Fund Managers Directive, which takes effect from July
this year, John Donohoe, chief executive at Carne Group, said.

The AIFMD will, for example, require big changes in how
asset management businesses operate when managing European funds or
distributing fund products within the EU.