Carne Group, a firm providing governance and oversight services for fund managers, has been chosen to support a recently listed River and Mercantile fund that is registered in Guernsey.

Carne Group, a firm providing governance and oversight services for fund managers, has been chosen to support a recently listed River and Mercantile fund that is registered in Guernsey.

The River and Mercantile UK Micro Cap Investment Company is due to start trading on the London Stock Exchange on 2 December, Carne said in a statement.

The fund manager is using Carne’s Channel Islands management company, which was authorised as an Alternative Investment Fund Manager by the Jersey Financial Services Commission in October. The management company is a non-European Union AIFM structure which can be used to distribute funds into the UK under the National Private Placement Regime, Carne said.

Since the arrival into law of the EU’s new regulations on alternative investment funds such as private equity and hedge funds, firms have faced a more complex compliance workload – creating work for businesses such as Carne.

Carne’s managing director in the Channel Islands, Mark Hodgson, has also been appointed to the board of the Guernsey company, Carne said.

Carne says it was the first independent provider to launch an AIFMD management company in Ireland in 2013. Since then it has also received authorisation for a Luxembourg AIFMD [Alternative Investment Fund Managers Directive] management company.