Corporate finance, investment advisory and stock broking firm Merchant Capital has hired Carne Global Financial Services to provide independent directors to its Ucits III service for hedge fund managers.

Carne, an independent adviser to the traditional, alternative investment and wealth management industries, will use its independent directorship programme to fulfil the counterparty requirements of the Ucits framework.

Carne was also used by Merchant Capital for the development of its business and risk management planning.

The Carne directorship programme offers traditional, hedge and alternative fund managers the full range of capabilities of experienced, independent, non-executive fund directors. Each member of the panel has over 15 years’ global industry experience.

The 12-strong team has experience in a wide range of funds and related management companies, including hedge funds, funds of hedge funds and Ucits III funds as well as property, private equity and multi-manager funds.

At the beginning of January, Merchant Capital launched its Ucits III umbrella structure for hedge fund managers, including small to medium-sized funds. In December 2009, Merchant Capital launched a Ucits III European long/short equity fund backed by Tressis as a client.

Merchant Capital recently significantly expanded its business through acquisition, including private wealth management and institutional investment management businesses. The private client stock-broking business now represents over £300 million with a customer base of over 50,000.