Paris-based asset manager Carmignac Gestion has replaced the managers of three European equity funds with a four-man team taken from SAC Global Investors.
Muhammed Yesilhark will lead the team, which will be based in London and manage €1.6 billion of assets held in the firm's Carmignac Grande Europe, Carmignac Euro-Patrimoine and Carmignac Euro-Entrepreneurs funds.
He will be assisted by Malte Heininger, co-manager on one of the funds, and two analysts, Huseyin Yasar and Saiyid Hamid.
The team replaces Laurent Ducoin, François-Joseph Furry and Samir Essafri, who have left the company.
Didier Saint-Georges, member of the investment committee at Carmignac, says the firm appointed the new team because it wanted its European equity strategies to achieve the same visibility as the other asset classes it manages.
“We felt we needed strong idea generation and stock picking for our European equity funds,” he told Funds Europe, adding that Yesilhark's management of a market neutral, long-short fund in the past four years had impressed the company.
Saint-Georges said he did not know if the former fund managers had found jobs at other companies.
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