Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Edouard Carmignac begins hunt for a successor

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter