Pickard, who recently spoke at the Carmignac annual conference, used to manage the €1.43 billion Carmignac Emergents fund and co-ran €978 million Carmignac Pfl Emerging Patrimoine fund with Cole and Citywire + rated Charles Zerah.
Carmignac said Hovasse will also manage the emerging equities component of Carmignac Emerging Patrimoine, while CEMP's bond component (i.e. 50% of the fund's assets) will continue to be managed by Charles Zerah.
The company’s chairman and CIO, Edouard Carmignac, 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.’
‘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.’
Simon Pickard said that he would be available to ensure the transition towards the new management structure, adding: ‘It was a difficult decision, but I have a personal project that I would like to explore, the details of which I will share at the right point in time.’
The Carmignac Portfolio Emerging Patrimoine fund lost 8.3% in US dollar terms over the three years to the end of January 2015. Its Citywire benchmark, the LCI MSCI EM TR USD/JP Morgan EMBI Global (50:50), rose 9.2% over the same period.
This is while the Carmignac Emergents rose 1.6% against its Citywire-assigned benchmark, the MSCI EM (Emerging Markets) TR USD, which rose 2.84% over the same 36-month period.