Ernst & Young LLP Adds Partners to Further Expand Its Asset Management Tax Practice

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New York, 12 July 2012 — Ernst & Young LLP announced today the appointment of Julie Canty and Carlos A. Schmidt as partners in the firm’s Asset Management Tax practice. They will be the sixth and seventh new senior professionals to join the expanding group in the US this year to provide clients with insights and perspective on issues relating to tax, regulation and compliance for the asset management industry.

“Julie and Carlos bring with them deep knowledge that will broaden our US experience and leadership in asset management,” noted Michael Serota, Global Hedge Fund Services co-leader and Global Asset Management tax leader for EY. “Their collective experience will strengthen our team’s ability to help clients grow their businesses and respond to new tax regulatory changes. Their addition to Ernst & Young LLP underscores our continuing investment and growth in the firm’s asset management industry practice across the US.”

Canty was formerly with Deloitte Tax LLP’s New York hedge fund group, where she focused on tax advisory, compliance and structuring fund clients. Prior to her association with Deloitte, Canty was a principal with Eastpointe Management LLC, a spinoff of Continuation Investments Group, Inc., where she was the fund controller.

Canty is also a former assistant controller for Oak Hill Capital Management, Inc., and was a tax manager with Arthur Andersen LLP. A certified public accountant, she earned her bachelor’s degree in business administration from the University of Iowa.

Schmidt was with the Passthroughs group of the National Tax Office of Deloitte Tax LLP. He specialized in partnership tax matters with a specific focus on the formation and operation of hedge and private equity funds. Prior to joining Deloitte Tax LLP, Schmidt was Director of Tax for Highbridge Capital Management, LLC, a leading alternative asset management firm, with assets under management of over $20 billion. There he helped structure a number of credit and equity funds and oversaw cross-border investment tax planning. Schmidt was also responsible for all fund tax reporting and all financial statement matters pertaining to ASC 740.

In addition, Schmidt is a former sell-side research analyst at Goldman Sachs, where he was a member of Global Investment Research covering the lodging sector. He is a guest lecturer at the Practicing Law Institute, the Georgetown University Law Center and the Wharton School of Business, as well.

A certified public accountant, Schmidt received his master of business administration in finance from the Wharton School of the University of Pennsylvania and his master’s in taxation and bachelor’s in accounting from the University of Southern California.

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This news release has been issued by Ernst & Young LLP, a US client-serving member firm of Ernst & Young Global Limited.

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