WTW signs agreement with Carne to ‘drive innovation’ in asset management sector

WTW has signed an agreement with Carne Group that will see Carne acquire The Asset Management Exchange (AMX), subject to regulatory approvals.

In return, WTW will take a minority stake in Carne, which the firm said would add scale and growth opportunities to its client solutions platforms.

The transaction is expected to be completed in the second quarter of 2022, subject to regulatory approvals.

AMX is aiming to build an ‘efficient investment ecosystem’ that will connect investors, asset managers and service partners so they can transact and interact all in one place through its institutional funds platform.

The transaction will see Carne employ 500 professionals working with more than 600 asset managers and institutional investors.

Its third-party fund management company will manage in excess of US$300bn in assets under management.

Commenting on the announcement, WTW CEO, Carl Hess, said: “We are excited to have agreed this transaction with Carne Group, and we look forward to working together with Carne as a partner and investor.

“Five years ago, AMX was established to transform investor experience and outcomes. Now as part of Carne, AMX can realise its full potential, delivering new products and enhanced services to a wider section of our client base in more jurisdictions and asset classes.

“I am incredibly proud of WTW’s role in developing AMX into an ecosystem which today facilitates critical interactions between institutional investors, asset managers and service partners across an asset pool of approximately $60bn.

“Carne and AMX have incredible people and technology, combined with unrivaled industry expertise. Together they can accelerate the pace of industry change for investors and managers through what will be the leading industry platform.”

Carne Group CEO, John Donohoe, added: “Carne’s ultimate goal is to unite the industry’s investors and distributors with their asset managers resulting in faster deployment of investment capital.

“Our industry platform, driven by our proprietary technology CORR, accelerates revenue generation as well as delivering enhanced reporting. Now, with AMX as part of Carne, we can offer even better solutions to our clients and the entire industry through one of the sector’s leading digitally driven global platforms.”

“The AMX team shares Carne’s vision of how we can enhance outcomes for investors and managers. I look forward to welcoming the AMX team so that we can deliver this together for clients globally. Working with WTW will increase our coverage, while AMX’s capabilities like its CCF platform and investor reporting tools will further expand our offering.”

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