Veteran fund manager Carmignac steps back from flagship fund
PARIS, Sept 11 (Reuters) - French veteran fund manager
Edouard Carmignac, 71, is leaving the top investment job at one
of his funds as he prepares succession at the helm of the firm
he founded 29 years ago.
Edouard Carmignac has become one of the most recognised
French asset managers with public relations moves such as a
private Rolling Stones concert for his customers, an annual
photojournalism prize and tirades against the European Central
Bank in open letters.
"Farewell, you certainly won't be missed," he famously wrote
to retiring ECB President Jean-Claude Trichet in a 2011
full-page advert in European newspapers.
Carmignac, who founded the eponymous firm in 1989, will
leave the management of the flagship equity Carmignac
Investissement fund, and will share the top responsibility at
Carmignac Patrimoine with two other co-managers. He will remain
chief investor for the whole firm, the company said on Tuesday
in a statement.
David Older, Carmignac's senior equity manager, will take
over as head of Carmignac Investissement, in a move that is part
of what a spokeswoman called a gradual transition process.
The firm now has 56 billion euros ($64.87 billion) of assets
under management, according to its website, though his funds
have recently underperformed.
($1 = 0.8633 euros)
(Reporting by Inti Landauro; Editing by Michel Rose and Emelia
© 2018 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.