French asset manager Carmignac has announced its emerging equity fund managers Simon Pickard and Edward Cole will be leaving the company for personal reasons.
Carmignac has then promoted Xavier Hovasse (pictured) and David Park, who currently manage Carmignac Emerging Discovery (CED) as fund managers of Carmignac Emergents. Hovasse will also manage the emerging equities component of Carmignac Emerging Patrimoine (CEMP).
Prior to joining Carmignac, Hovasse worked for BNP Paribas as analyst and fund manager. His expertise covers Latin America, Eastern Europe, Africa and the Middle East equities. Park, co-manager of CED since 2012, joined the company in 2007 as an expert on Asia.
Completing the team, Haiyan Li-Labbé, who works for Carmignac since three years, has been an analyst specialising on China for 14 years. Formerly, she held positions of analyst and fund manager with Societe Generale and ADI-OFI.
Simon Pickard said he would be available to ensure the transition towards the new management structure.
Edouard Carmignac, chairman and CIO of Carmignac, commented: “The emerging market funds will benefit from the continuity of the existing management process, as well as the efforts of a team that has been in place for several years and the presence of Charles Zerah, who will continue to steer CEMP’s bond component.”
On Simon Pickard’s leaving, he said: “Simon Pickard has been with us for over 12 years, during which time he has been a great asset to the company; first as part of the European investment fund management team and then as head of the emerging equities team.”
Established in 1989, Carmignac, which has offices in Luxembourg, Frankfurt, Milan, Madrid and London, currently manages over €50bn of assets.