Francis Parisis, Pascal Dufour, Mark Stockley, and John Parkhouse (Carne Luxembourg): The rise of the Super ManCo

Third-party management companies are playing an increasingly important role in fund operations. We spoke with leaders at Carne Group – Managing Director Francis Parisis, Country Head & Chief Strategy and Product Officer Pascal Dufour, Chief Business Development Officer Mark Stockley, and Strategic Advisor John Parkhouse, about the industry and Carne’s place within it.

You have just joined Carne. What drove you to that decision?

John Parkhouse: I was keen to remain involved in the industry, and Carne has always impressed me. Listening to the team’s vision for the future convinced me this was a firm I would be proud to work with. Asset managers are facing mounting pressure to focus on their core business in a complex and competitive environment and are relying ever more on specialists like Carne.

Francis Parisis: Joining Carne felt like a natural continuation of my journey. First, the growth potential, with the ManCo market rapidly expanding and Carne positioned at the forefront of that growth. Second, I wanted to be part of a firm where quality, values, and people really matter. Third, I’ve known colleagues from across Carne’s offices for many years and have always found working with them truly rewarding.

What factors are driving the outsourcing shift from proprietary management companies (OwnCos) to ManCos?

Mark Stockley: Asset managers are shifting from OwnCos to ManCos for speed, efficiency, and scalability. Our latest Supermodel II research report, available on our website, reveals that 18% of managers with internal ManCos plan to fully outsource their operations within two years, while 34% expect to outsource to support new product and fund vehicles. Third-party ManCos bring deep expertise and proven frameworks, helping managers overcome bottlenecks and accelerate market entry. Cost pressures, operational complexity, and technological demands are reinforcing this trend. Building governance and data infrastructure in-house is costly and slow, whereas partnering with a specialist such as Carne offers a plug-and-play model that reduces risk and boosts resilience. This shift is driving the rise of ‘Super ManCos’ - providers with the scale, technology, and global reach to industrialize fund operations. Carne is leading this super evolution.

“Our latest Supermodel report reveals that 18% of managers plan to fully outsource their operations within two years,” - Mark Stockley, Carne Group

Technology is a key driver in Carne’s success. What do you expect in this area in the next few years?

Pascal Dufour: Carne’s proprietary digital platform, Curator, enables automation, data-driven oversight, and scalable, regulator-ready service delivery. We’ve invested significantly in technology since 2016, building a unified, cloud-native platform that supports rapid onboarding, efficient reporting, and seamless integration. Looking ahead, we’re focused on a few things: embedding AI and automation for fund launches, compliance, and risk management; expanding data and analytics capabilities for internal efficiency and client-facing insights; and driving adoption of AI tools (another challenge highlighted in our recent research) across the business. We’re building a platform that competitors and in-house teams won’t be able to replicate.