Carmignac

Carmignac is a French asset management firm founded in 1989 by Édouard Carmignac and Éric Helderlé.[2] The firm is wholly employee-owned and has $44 billion of assets under management as of 2021, according to Forbes.[1]

Carmignac
Founded1989
Founder
  • Édouard Carmignac (Founder, Chairman and CIO)
  • Éric Helderlé (Founder, Managing Director Carmignac Luxembourg)
Headquarters24, Place Vendôme, Paris France
Key people
  • Frédéric Leroux (Head of Cross Asset)
  • Rose Ouahba (Head of Fixed Income)
  • David Older (Head of Equities)
  • Didier Saint-Georges (Managing Director, Member of the Strategic Investment Committee Carmignac Gestion)
  • Maxime Carmignac (Managing Director Carmignac UK)
ProductsAsset Management
Total assets$44 billion[1] (2021)
Number of employees
281
Websitehttps://www.carmignac.com/en_US

History

After its founding in 1989 in Paris, the firm opened its first office abroad in Luxembourg in 1999. In 2008, offices were established in Madrid and Milan, followed by London (2012)[2] and Zurich (2015).[3]

In 2000, Carmignac’s assets amounted to €1 billion, reaching €13 billion in 2007.[4] The firm’s flagship fund, Carmignac Patrimoine, largely resisted the financial crisis of 2008, which led to an increase in assets in the following years,[5] and it became one of the largest funds in Europe for a while, according to the FT.[6]

Recent developments

In September 2018, it was announced that Édouard Carmignac would step down from running the Carmignac Investissement Fund, management of which passed to David Older.[6]

Edouard Carmignac announced in January 2019 that he would step down as the portfolio manager of the Carmignac Patrimoine fund after holding this position for 30 years.[7][8] Rose Ouahba and David Older succeeded Carmignac as dual leads of the Fund.[9] However, Edouard Carmignac maintained his role as a member of the strategic investment committee and chief investment officer (CIO).[10]

In June 2019, the company agreed to pay a €30 million as part of a settlement under a public interest judicial agreement against the discontinuation of proceedings by the National Financial Prosecutor's Office.[11]

Funds managed

As of 2019, Carmignac manages 21 investment strategies. These activities include, among others, equity and fixed income management.[2][12]

In May 2019, it was announced that Carmignac launched six new OEICs funds in the United Kingdom in a push to increase its European presence beyond the French market.[13][14] The funds are similar to those the firm is already managing in France.[13] In April 2019, Marie-Anne Allier took over the co-management of Carmignac Sécurité Fond. In the same year, three of the company's funds were certified with the French SRI label for sustainable investment vehicles.[15]

The firm launched two more funds in June that year, called the Carmignac Portfolio Grandchildren fund and the Carmignac Portfolio Family Governed fund. These aim to provide financial security to children.[16]

References
  1. "Edouard Carmignac". Forbes. 29 November 2021. Retrieved 29 November 2021.
  2. Allen, Caroline (24 April 2012). "France's Carmignac Gestion opens its London office". www.investmenteurope.net. Retrieved 5 December 2019.
  3. Dohle, Mona (28 April 2015). "Carmignac opens Zurich office". www.investmenteurope.net. Retrieved 5 December 2019.
  4. Grene, Sophia (24 May 2009). "Edouard Carmignac: Sitting Firmly at the Helm of a Future Giant". Financial Times. Retrieved 5 December 2019.
  5. Reibaud, Réjane (26 March 2013). "Carmignac à un tournant de son histoire". Les Echos. Retrieved 5 December 2019.
  6. Riding, Siobhan (22 January 2019). "Carmignac founder steps down from €16bn flagship fund". Financial Times. Retrieved 5 December 2019.
  7. Rana, Jayna (23 January 2019). "Edouard Carmignac steps down from €14bn Patrimoine fund after 30 years". Investment Week. Retrieved 5 December 2019.
  8. Kar-Gupta, Sudip (23 January 2019). Merriman, Jane (ed.). "Edouard Carmignac relinquishes full control of flagship Carmignac fund". Reuters. Retrieved 5 December 2019.
  9. Sloley, Chris (23 January 2019). "Carmignac steps back: so… who is David Older?". Citywire. Retrieved 5 December 2019.
  10. "Edouard Carmignac relinquishes full control of flagship Carmignac fund". euronews. 23 January 2019. Retrieved 5 December 2019.
  11. Kar-Gupta, Sudip (28 June 2019). Landauro, Inti (ed.). "Investment firm Carmignac Gestion pays 30 million euros fine to settle tax probe". Reuters. Retrieved 5 December 2019.
  12. Kirakosian, Margaryta (10 October 2019). "Carmignac overhauls strategy of €895m absolute return bond fund". Citywire Global. Retrieved 5 December 2019.
  13. Sloley, Chris (17 May 2019). "Carmignac launches six funds into UK". Wealth Manager. Retrieved 25 February 2020.
  14. Tringham, Melanie (29 May 2019). "'If you manage alpha and beta you can make a difference'". Financial Times Adviser. Retrieved 25 February 2020.
  15. "Carmignac erhält SRI-Label für drei Fonds". www.fundresearch.de (in German). Retrieved 2022-07-22.
  16. Beard, Jessica (11 June 2019). "Carmignac taps grandchild trend in new thematic fund launches". Citywire Global. Retrieved 25 February 2020.
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