He will join Pickard, the group's head of emerging markets, and Charles Zerah, who is in charge of the fund's fixed income portfolio, to manage the €960 million fund.
Cole, who will focus on equities in the fund, joined Carmignac in February 2013 as an emerging markets analyst.
Prior to joining the Paris-based group he worked for Ashmore Group and Finisterre Capital where he was co-manager on long-only and hedge fund products.
London-based Malte Heininger, one of the latest recruits to join the French outfit in January as part of Muhammed Yesilhark's European equity team, has been named lead fund manager on the Carmignac Euro-Entrepreneurs, which until recently he co-managed with Yesilhark.
Both joined Carmignac from SAC Global Investors along with two analysts, Huseyin Yasar and Saiyid Hamid.
The French group has also appointed Vincent Steenman to the newly created role of Global Research Coordinator, which aims to maintain a fluid exchange of investment ideas between the research teams based in London and Paris.
Steenman joined the group from Zadig Associates in December 2012 to take over the Carmignac Market Neutral fund. The decision was made to liquidate the fund in July 2013 and Steenman has since been in charge of capital goods research.