Carmignac is a French

asset management Asset management is a systematic approach to the governance and realization of value from the things that a group or entity is responsible for, over their whole life cycles. It may apply both to tangible assets (physical objects such as buildings ...

firm founded in 1989 by

Édouard Carmignac Edouard Carmignac (born 5 September 1947 in Paris) is a French entrepreneur. In 1989 he founded Carmignac, an independent and family-owned asset management firm, for which he has acted as chairman and CEO ever since. He founded Fondation Carmigna ...

and Éric Helderlé. The firm is wholly employee-owned and has $44 billion of assets under management as of 2021, according to

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History

After its founding in 1989 in

Paris Paris () is the capital and most populous city of France, with an estimated population of 2,165,423 residents in 2019 in an area of more than 105 km² (41 sq mi), making it the 30th most densely populated city in the world in 2020. S ...

, the firm opened its first office abroad in

Luxembourg Luxembourg ( ; lb, Lëtzebuerg ; french: link=no, Luxembourg; german: link=no, Luxemburg), officially the Grand Duchy of Luxembourg, ; french: link=no, Grand-Duché de Luxembourg ; german: link=no, Großherzogtum Luxemburg is a small lan ...

in 1999. In 2008, offices were established in

Madrid Madrid ( , ) is the capital and most populous city of Spain. The city has almost 3.4 million inhabitants and a metropolitan area population of approximately 6.7 million. It is the second-largest city in the European Union (EU), and ...

and

Milan Milan ( , , Lombard: ; it, Milano ) is a city in northern Italy, capital of Lombardy, and the second-most populous city proper in Italy after Rome. The city proper has a population of about 1.4 million, while its metropolitan city h ...

, followed by

London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...

(2012) and Zurich (2015). In 2000, Carmignac’s assets amounted to €1 billion, reaching €13 billion in 2007. The firm’s flagship fund, Carmignac Patrimoine, largely resisted the financial crisis of 2008, which led to an increase in assets in the following years, and it became one of the largest funds in

Europe Europe is a large peninsula conventionally considered a continent in its own right because of its great physical size and the weight of its history and traditions. Europe is also considered a Continent#Subcontinents, subcontinent of Eurasia ...

for a while, according to the FT.

Recent developments

In September 2018, it was announced that Édouard Carmignac would step down from running the Carmignac Investissement Fund, management of which passed to David Older. Edouard Carmignac announced in January 2019 that he would step down as the portfolio manager of the Carmignac Patrimoine fund after holding this position for 30 years. Rose Ouahba and David Older succeeded Carmignac as dual leads of the Fund. However, Edouard Carmignac maintained his role as a member of the strategic investment committee and

chief investment officer The chief investment officer (CIO) is a job title for the board level head of investments within an organization. The CIO's purpose is to understand, manage, and monitor their organization's portfolio of assets, devise strategies for growth, act as ...

(CIO). In June 2019, the company agreed to pay a €30 million as part of a settlement under a public interest judicial agreement against the discontinuation of proceedings by the National Financial Prosecutor's Office.

Funds managed

As of 2019, Carmignac manages 21

investment strategies In finance, an investment strategy is a set of rules, behaviors or procedures, designed to guide an investor's selection of an investment Portfolio (finance), portfolio. Individuals have different profit objectives, and their individual skills make ...

. These activities include, among others,

equity Equity may refer to: Finance, accounting and ownership * Equity (finance), ownership of assets that have liabilities attached to them ** Stock, equity based on original contributions of cash or other value to a business ** Home equity, the dif ...

and fixed income management. In May 2019, it was announced that Carmignac launched six new OEICs funds in the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and North ...

in a push to increase its European presence beyond the French market. The funds are similar to those the firm is already managing in France. In April 2019, Marie-Anne Allier took over the co-management of Carmignac Sécurité Fond. In the same year, three of the company's funds were certified with the French SRI label for sustainable investment vehicles. The firm launched two more funds in June that year, called the Carmignac Portfolio Grandchildren fund and the Carmignac Portfolio Family Governed fund. These aim to provide financial security to children.{{Cite news, last=Beard, first=Jessica, url=https://citywireselector.com/news/carmignac-taps-grandchild-trend-in-new-thematic-fund-launches/a1238569, title=Carmignac taps grandchild trend in new thematic fund launches, date=11 June 2019, work=Citywire Global, access-date=25 February 2020, language=en

References

Investment companies Investment companies of France