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BREAKING NEWS

Edouard Carmignac relinquishes full control of flagship Carmignac fund

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PARIS (Reuters) - Veteran French fund manager Edouard Carmignac has handed over full control of his company's flagship Carmignac Patrimoine fund to two colleagues, in line with plans set out last year.

Edouard Carmignac, 71, has become one of the most well-known French financiers. His public relations moves have included a private Rolling Stones concert for clients, although rocky markets have impacted the performance of some of his funds.

The company said on Wednesday that Edouard Carmignac would step back from his role as co-fund manager of the Carmignac Patrimoine fund and hand over full control of it to David Older, head of equities, and to fixed income head Rose Ouahba.

"Thirty years after the creation of Carmignac, I am pleased to entrust Rose and David with the management of Carmignac Patrimoine," he said in a statement.

He will remain a member of the strategic investment committee and will stay on as chief investment officer of Carmignac, which he founded in 1989.

The overall Carmignac group had 42 billion euros (36.73 billion pounds) of assets under management at the end of December, while Carmignac Patrimoine manages 14.5 billion euros of assets.

The company's website says the Carmignac Patrimoine fund has fallen by around 11 percent over the last year, although over a 10-year period it has risen by nearly 40 percent.

(Reporting by Sudip Kar-Gupta. Editing by Jane Merriman)

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