When a financier emits theories that are not validated by observers, he puts money on the table to get his points across. This is exactly what Edouard Carmignac did at the beginning of autumn by buying himself a full publicity page in Le Monde, Le Figaro, El Pais and the Financial Times. The whole point of it? A poisoned departing gift to the person who had globally been sparred by analysts and economists: Jean Claude Trichet, the governor of the European Central Bank. Carmignac had already written a pamphlet against Trichet in Le Monde two years earlier. <\/p>\n
The initiative surprised a lot of people. First in its timing (on the eve of Trichet\u2019s departure. He was benefitting from a lot of positive comments before his final exit) then in its virulence. \u201cWe won\u2019t regret you!\u201d attacked Carmignac in an open letter which figures prominently on the official website of Carmignac Gestion. He then blamed Jean Claude Trichet for having \u201cworsened the impact of the 2008 crisis by underestimating its scale and endangering the euro by inconsiderate rate hikes\u201d. To top it all off, Carmignac judged Trichet\u2019s support policy of weakened European countries\u2019 debt to be grossly insufficient. These are excessive critics that do not take into account the regulatory corset of the ECB which was notably defended by Germany against one and all. <\/p>\n
This open letter once again demonstrated that Edouard Carmignac remained a free thinker prone to provocation which is exactly how those who him well describe him.<\/p>\n
Aged 64 years old, this Frenchman, with roots in Normandy, grew up in Peru until the age of 12 before heading to Paris for his higher studies and later obtained an MBA at Columbia Business School. He is currently considered to be one of the most original personalities in European finance<\/p>\n
With facial traits similar to those of Fran\u00e7ois Pinault and a tendency to munch his words, Carmignac knows how to give an artistic side to his activity. This pop art fan who has giant portraits of Lenin and Mao in his office located at Place Vend\u00f4me is a a specialist of counter opinion. He created Carmignac Gestion back in 1989 after working at Blyth, Eastman, Dillon & Co at New York and BNP Paribas in Paris. Why did he choose Lenin and Mao to decorate his office? \u201cTo convince myself at every moment of my existence that a small well organized group can bring down the greatest of all powers just like a small firm with a good product can become a multinational\u201d he explained in 2009 to the magazine Challenges. <\/p>\n
The way that Carmignac Gestion has grown over the past few years supports his beliefs and gives credibility to his old dated willingness (which was mocked at the beginning) to follow in the footsteps of the American fund Fidelity. <\/p>\n
After only eight years, the volume of assets managed by the different funds overseen by Carmignac Gestion has grown from 797 million euros (2002) to\u2026more than 45 billion euros (2011). Nowadays, the fund employs 180 persons among which are 22 analysts and fund managers. It invests in 50 exchanges worldwide. <\/p>\n
The activities have grown substantially since the beginning of the 2008 financial crisis. They have benefited most notably from a sharp focus on emerging markets and commodities which are the historical specialty of Edouard Carmignac. <\/p>\n
Assisted by Eric Helderl\u00e9, Carmignac is much more involved in the firm\u2019s financial and strategic development as well as its overall management than sales, marketing, IT systems and common daily tasks which he leaves to his managing director. \u201cSeveral fund managers prove to be good in managing money but not when it comes to managing their firm\u201d he asserted to the Financial Times in 2009. <\/p>\n
Carmignac\u2019s touch is however very present as demonstrated by the morning meetings regrouping a single team of managers and which are as rocky and animated as the big boss\u2019s personality. Carmignac is described as relishing these tests of balance of powers where in order for two or more beneficiaries to emerge, there can be only one victor. <\/p>\n
A highly skilled polo player, he has won several tournaments and most notably the Queen\u2019s Cup in London. \u201cI love kissing the queen\u201d he said in one of those witty comments that have the knack for enraging his critics<\/p>\n","protected":false},"excerpt":{"rendered":"
His investment fund, Carmignac Gestion, has experienced spectacular growth since the 2008 crisis. <\/p>\n","protected":false},"author":1,"featured_media":22330,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1477],"tags":[1656,1655,2095,1651,1650],"_links":{"self":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/22332"}],"collection":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/comments?post=22332"}],"version-history":[{"count":0,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/22332\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media\/22330"}],"wp:attachment":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media?parent=22332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/categories?post=22332"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/tags?post=22332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}