September 11, 2018 / 4:00 PM / 2 months ago

MOVES-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 Sithole-Matarise

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