Edouard Carmignac steps down from €14bn Patrimoine fund after 30 years

Older and Ouahba to take over

Edouard Carmignac, founder of French asset manager Carmignac, has stepped down from his portfolio manager role on the group's flagship €14.3bn Patrimoine fund.

Having managed the fund for the last three decades, Carmignac will be passing his responsibilities to David Older, head of equities and Rose Ouahba, head of fixed income. Ouahba had been co-manager of the fund alongside Carmignac since 2007 while Older was appointed as a co-manager in September last year. At the same time, he was also appointed manager of the €3.3bn Carmignac Investissement fund. Carmignac hires chief economist from Ostrum AM Carmignac will retain his position as CIO of the company and as a member of the strategic investment committee. In this role, he will oversee...