Carmignac Gestion has brought in a new London-based European equities team to replace its existing managers in an attempt to improve the performance of its funds.
Led by Muhammed Yesilhark, formerly of SAC Global Investors, the four-man team will manage £1.33bn (€1.6bn) of assets in European funds. This represents three funds – Carmignac Grande Europe, and the offshore Carmignac Euro-Patrimoine and Carmignac Euro-Entrepreneurs funds.
The team replaces Laurent Ducoin, Samir Essafri, and Francois-Joseph Furry, who have left the company.
Carmignac Gestion Group chairman Edouard Carmignac said: “We are bringing on board a talented team under Muhammed Yesilhark’s leadership to underscore our commitment to generate strong investment performance in European equities. The objective is to raise our European funds to first quartile.”
Yesilhark previously managed a large European equity portfolio for four years from SAC Global Investors’ London office. He will run the Carmignac Grande Europe fund and the long/short Carmignac Euro-Patrimoine fund.
He will bring with him SAC colleagues Malte Heininger, Huseyin Yasar and Saiyid Hamid. Yesilhark and Heininger will co-manage the small- and mid-cap Carmignac Euro-Entrepreneurs fund.
The Carmignac Grande Europe fund, which is the only one of the three funds listed in the IMA sectors, has returned 5.4% over the three years to 6 January compared to an IMA European inc UK sector average of 29.6%, according to FE.
