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.