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Edouard Carmignac steps down from flagship Patrimoine fund

Edouard Carmignac steps down from flagship Patrimoine fund

Edouard Carmignac is stepping back from the flagship £12.8 billion Patrimoine fund, which he has managed since 1989, Wealth Manager's sister site, Citywire Deutschland, can reveal.

The founder of the French group is relinquishing his portfolio management duties, which will be taken on by head of equities David Older and head of fixed income Rose Ouahba.

The industry heavyweight will continue to serve as chief investment officer following the change, overseeing long-term strategic convictions.

Older was appointed as a co-fund manager of the flexible mixed asset fund in September 2018 to manage the equity part, while Ouahba has been overseeing the fixed income segment alongside Carmignac. 

Commenting on his decision, Edouard Carmignac said: '30 years after the creation of Carmignac, I am pleased to entrust Rose and David with the management of Carmignac Patrimoine.

'I am also proud to have been able to set up such an experienced, talented and high-calibre investment team to support them in managing our flagship fund.'

The news comes just months after the veteran fund manager stepped down from the Carmignac Investissement fund, which was taken on by Older.

Since the launch of the fund in November 1989, the Patrimoine fund has returned 659.2% in euro terms, while the Citywire-assigned index LCI MSCI AC World NR USD/FTSE WGBI TR EUR (50:50) rose by 96.12% over the same timeframe.

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