Carne Group, Europe’s largest independent third-party management company (ManCo), has completed its acquisition of Japan Fund Management (Luxembourg) S.A. (JFML) from Mizuho Trust & Banking (Luxembourg) S.A. JFML has been fully merged into Carne Global Fund Managers (Luxembourg) S.A. (CGFML), with all assets and liabilities transferred and JFML ceasing to exist. CGFML now officially assumes the role of management company and AIFM.
JFML, which managed approximately $5 billion, supported overseas investments for Mizuho’s Japanese institutional clients. The acquisition strengthens Carne’s presence in Asia and consolidates its position as Europe’s leading independent third-party management company. Following regulatory approvals and operational alignment, the transition was completed efficiently, marking the final stage of the acquisition process initiated on 30 June.
The merger underscores Carne’s leadership in the industry-wide move towards specialist third-party ManCos, or “Super ManCos”, which combine scale, technology, and governance expertise to help global managers navigate rising operational complexity and accelerate speed to market.
The integration of JFML further demonstrates Carne’s commitment to supporting clients in one of the world’s most significant fund management markets. These clients will now benefit from Carne’s global business, infrastructure, and governance expertise, while continuing to receive the same high level of service from their existing teams.
“This milestone reflects the growing trend across the funds industry to partner with large-scale ManCos that bring both local expertise and global infrastructure,” said John Donohoe, CEO of Carne Group. “We’re proud to play a leading role in this evolution as managers seek efficiency, resilience, and the ability to scale across borders.”
