Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. 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 Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter