Today, Carne Group announced the acquisition of 100% of the shares in Distributor Due Diligence Ltd (operating as 3D). This establishes Carne as the global market leader in fund distribution due diligence connecting the world’s largest and leading fund managers to over 2,000 fund distributors.
Speaking about today’s announcement John Donohoe, Group Chief Executive of Carne, said:
“We are delighted to welcome the 3D team into the Carne family. This transaction fundamentally changes the distributor oversight market where scale is key for both parties involved. Fund managers will benefit from the coverage of all their distributors globally. Fund distributors will benefit from completing only one questionnaire, to share with all their counterparties. Additionally, Carne clients will have access to the expertise and industry perspectives of 3D’s Co-Founders Steve Bennett and Fabian Richter. These factors together have made this transaction highly compelling and a natural fit for both groups.”
Steve Bennett and Fabian Richter, Co-Founders of 3D commented:
“This deal benefits our existing clients who gain immediate access to Carne’s broader service range, powered by its CORR technology platform, including oversight tools for other delegated functions. The deal also enhances the capabilities available to Carne’s existing clients who can draw on 3D’s additional support team resources and ‘managed service’ workflows which minimise their workload.”
Distributor Due Diligence Ltd (known also as 3D) is a technology solution that enables fund managers and intermediaries to conduct due diligence on the distributors and institutional clients of their funds around the globe (https://distributordd.com/). Founded in 2018 by Steve Bennett and Fabian Richter, 3D has grown rapidly and is currently being used by over 20 fund companies who between them have more than 1,900 distributors globally.
Using 3D’s client-friendly due diligence questionnaire and drawing on 3D’s multi-lingual Support Team means fund managers can save over 80% of the resources required for distributor oversight, meaning fund managers will be able to run their distributor oversight process without having to hire any dedicated resources.
About Carne Group:
Carne is the leading digitally driven industry platform for the Global Asset Management Industry and the largest third-party fund management company in the world. Carne is trusted by the world’s leading asset managers, insurance companies, pension funds and wealth managers to manage their governance, compliance, regulatory and substance requirements.
Carne provides governance and substance services and solutions for assets of more than $1 trillion in AUM. Established in 2004, Carne has a diversified list of 550+ clients and employs 400 people across 8 countries globally. Its command and control technology platform, CORR (Compliance, Oversight, Risk & Reporting), provides risk and technology driven solutions for investment funds with $2 trillion in AUM.