Carmignac’s President and Founder, Edouard Carmignac, has decided to leave its Patrimoine fund management team as well as his company’s day-to-day operations. In a press conference in Paris today, he mentioned that the transition will be gradual and that he will try to work more efficiently but leaving the day-to-day to a very competent team. He will remain on the firm he founded as CIO and member of the Board.
Earlier this week, he announced that after almost 30 years running it, he has decided to pass on the stewardship of the 16 billion dollar fund to Rose Ouahba, Head of Fixed Income, and David Older, Head of Equities.
Accourding to the company: “30 years after the creation of Carmignac, the investment philosophy of Carmignac Patrimoine remains the same. David and Rose, as sole Fund Managers, have fully embraced their partnership and are focused on reinforcing alpha generation with specific attention to risk management in this challenging global environment.”
Last month he gave David Older the leadership of his 3 billion dollar Investissement fund.
David Older joined Carmignac in 2015 as Fund Manager and was later appointed Head of Equities in 2017. “Expert on global technology, telecoms and media, his considerable experience in alpha generation and long-short management is key in a challenging environment.”
Before joining Carmignac, David Older spent 2003-2015 at SAC Capital/Point72 Advisors in New York, as co-Sector Head of the Communications, Media, Internet and Technology team. Prior to this, David was an Investment Banking Associate in the Communications and Media group at Morgan Stanley. David received a Bachelor of Arts at McGill University and holds a MBA from Columbia University.
Rose Ouahba joined Carmignac in 2007 as Fund Manager to take over the bond component of Carmignac Patrimoine. She was appointed as Head of Fixed Income in 2011. “Rose has been reinforcing and reorganizing the team to strengthen our unique “unconstrained” investment philosophy.”
She started her career as Bond Fund Manager at Ecureuil Gestion in 1996 and joined IXIS Asset Management 3 years later, as Head of the “Bond diversification” team and, subsequently, Head of Structured Credit Allocation. Rose holds a Postgraduate DESS in Financial Engineering from the University of Paris XII.
Carmignac Patrimoine is the original fund of the Patrimoine strategy. In 2013, they launched Carmignac Portfolio Patrimoine, a sub-fund of the Luxembourg Carmignac Portfolio SICAV. Carmignac Patrimoine and Carmignac Portfolio Patrimoine share the same investment strategy, portfolio construction and the same management process.