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Carmignac commodities head steps down

Carmignac commodities head steps down

Carmignac Gestion's David Field (pictured left) has stepped down as head of commodities to take a sabbatical after ten years with the firm.

He has been replaced by Michael Hulme, who joins the Paris-based group from Lombard Odier, and will assume responsibility of the Carmignac Commodities fund and its commodities team.

Over the past three years to the end of December 2013, the fund has struggled in a difficult environment for commodities having lost 33.06% while its benchmark, the Dow Jones Commodity TR , fell 22.4% over the same period.

Hulme (pictured left) has 17 years' investment experience, including 14 years in resource-focused equities.

During his time at Lombard Odier, he ran the Lombard Odier Global Energy fund which he launched in 2010.

He will be based in Carmignac's London office, which also includes fellow new recruits Muhammed Yesilhark and his European equities team, who joined at the start of the year.

Prior to working at Lombard Odier, Hulme was at MFS International, where he helped launch its Global Energy fund in 2009 and also managed the energy component of  the MFS European Equity fund.

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