Carmignac Gestion's head of emerging markets equities, Simon Pickard, is leaving the firm to pursue "a personal project", leaving the management of the flagship Carmignac Emergents fund to colleagues Xavier Hovasse and David Park.
Pickard has been with Carmignac for 12 years and has managed the Emergents fund for the past seven years. He said he would announce details of his new personal project "at the right point in time".
Morningstar analyst Thomas Lancereau has placed his ratings on both the Carmignac Emergents and Carmignac Portfolio Emergents funds under review, pending meetings with the new managers to discuss their plans for the funds. Both funds previously held a Morningstar Analyst Rating of Bronze – a positive rating on the scale of Gold to Negative, but the funds' underperformance of peers in 2013 and 2014 as well as their slightly higher-than-average ongoing charges prevented them from being awarded a higher accolade.
In addition to managing the Emergents funds, Pickard also managed the emerging markets equities portion of the Carmignac Emerging Patrimoine fund, alongside Edward Cole, who is also leaving the firm. Hovasse will take over responsibility for the emerging markets equities in the Emerging Patrimoine fund. In addition to taking on the firm’s flagship emerging markets offering, Hovasse and Park will continue to manage the Carmignac Emerging Discovery fund.