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Edouard Carmignac begins hunt for a successor
Industry veteran Edouard Carmignac has said he will need to find a successor to take over his asset management firm in the next three-to-five years.
Speaking at the firm’s annual conference in Paris, the company founder and fund manager said he was beginning to think more about the long-term future of the group.
‘The future is less and less about me, I will need to find my successor in the next three to five years,’ he said in a keynote address.
Emphasising the need for change, Edouard Carmignac said it would be important for independent companies such as Carmignac to exist and also touched on how solid structures can create long-term growth.
‘When I created this group, I thought there was a place for a [company like] Fidelity and Franklin Templeton in Europe. I didn’t understand why the industry was in the hands of large banks.’
‘One thing that surprises me, is when you look back at the big US companies before 1929 and you look at how few have survived today in the same form.’
In his speech, Carmignac unveiled a redesigned company logo which has changed from ‘Carmignac Gestion’ to read just ‘Carmignac’ – a move designed to further build brand recognition.
Discussing the changes, Carmignac said: ‘There are three types of species in our industry; asset gatherers, fund managers and risk managers. We see ourselves more and more as risk managers.
‘Many of our competitors have either given up or gone into ETFs or more into hedge funds. I believe the future is in open ended funds that offer liquidity and transparency.’
Carmignac founded the company in 1989 and works as both chairman and lead fund manager across a number of the group’s largest funds.
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by David Campbell on Apr 24, 2014 at 07:48