Édouard Carmignac
Edouard Carmignac | |
|---|---|
| Born | September 5, 1947 Paris, France |
| Occupation | Businessman |
| Known for | Founder, chairman and CEO of Carmignac |
Edouard Carmignac (born 5 September 1947 in Paris) is a French businessman who founded Carmignac in 1989, an independent, family-controlled asset management company. He has held the roles of chairman and CEO since its inception. In addition, he created Fondation Carmignac in 2000 to support contemporary art and initiated the Carmignac annual photojournalism prize in 2009.
Early life and education
Edouard, son of Pierre Carmignac and Simone Pinaud, spent his childhood in Peru, where he attended Markham College until the age of 12. He completed a master's degree in economics at the Sorbonne in 1969, followed by an MBA from Columbia University Business School in 1972.
Career
Carmignac started his professional journey as a financial analyst at the New York investment bank Blyth Eastman Dillon between 1972 and 1974. He then joined BNP Paribas from 1975 to 1976, working within international financial operations. In 1977, he moved to Banque de la Société Financière Européenne, where his focus was on off-balance sheet financing for the energy and mining industries.
In 1984, he established Pyramide Gestion, a fund management firm operating under stockbroker Georges Hamant (Hamant & Cie). The following year, he became CEO as the company was renamed Hamant Carmignac.
After regulatory reforms in 1989 encouraged stockbrokers to sell their companies to banks, Carmignac departed from Hamant Carmignac to launch Carmignac alongside Éric Helderlé. They aimed to exploit the relatively nascent independent fund management sector in France, which represented less than 10% of savings at that time. Hamant Carmignac was eventually acquired by ING Group, becoming ING Bourse. Carmignac personally oversaw all initial funds, achieving early success by concentrating on technology, commodities, and emerging market investments.
Throughout the 2000s, assets under management expanded dramatically, surpassing €50 billion following the subprime mortgage crisis. Carmignac distinguished himself as one of the few fund managers who consistently delivered positive returns during both the 2008 financial crisis and the August 2011 stock markets fall.
In September 2018, he transferred responsibility for managing the flagship Carmignac Investissement Fund to David Older, head of equities. By January 2019, he stepped back from managing the premier Carmignac Patrimoine fund as well, handing daily oversight to Rose Ouahba (head of fixed income) and David Older. Despite these changes, Carmignac retains his positions as chairman, CEO, chief investment officer (CIO), and member of the Strategic Investment Committee.
Fondation Carmignac
Edouard Carmignac founded Fondation Carmignac in 2000 with the purpose of fostering contemporary art. Since June 2018, its collection has been accessible to the public at Villa Carmignac on Porquerolles Island, under the direction of his son Charles Carmignac since 2017. The Foundation's collection includes works by artists such as Max Ernst, Andy Warhol, Jean-Michel Basquiat, Roy Lichtenstein, Alexander Calder, Jeff Koons, and Shirin Neshat.
Additionally, the Foundation presents the annual Carmignac Photojournalism Award, created in 2009 with a €50,000 endowment aimed at supporting independent photojournalists undertaking investigative projects in the field.
Concerts
In 2012, Edouard Carmignac arranged a private performance by The Rolling Stones at Paris’s Théâtre Mogador, which was attended by approximately 1,600 employees, partners, advisors, and members of the press. This occasion led to Carmignac being dubbed the "rock financier" by financial media outlets. Mick Jagger acknowledged Carmignac’s generosity during the show. Although the expenses were not publicly disclosed amid ongoing austerity discussions, Funds Europe magazine honored Carmignac as "European Personality of the Year 2012." He has also curated exclusive concerts featuring artists such as Rod Stewart, Lou Reed, Ana Carolina, Neil Young, and Simply Red.
Public persona
Edouard Carmignac is recognized for his forthright opinions on political matters. In 2011, after Jean-Claude Trichet stepped down as head of the European Central Bank, Carmignac openly held Trichet responsible for exacerbating the 2008 financial crisis and endangering the Euro through stringent interest rate hikes.
Following François Hollande’s election as French president, Carmignac voiced his opposition to proposed tax hikes and called for comprehensive political and economic reforms in an open letter published in the Financial Times. This perspective received extensive coverage in French media, including Le Monde.
Children
Édouard Carmignac is a father to five children: three sons and two daughters.
His son Charles Carmignac served as lead guitarist for the Franco-American band Moriarty and has been managing Fondation Carmignac since 2017.
Maxime, his daughter, is the sole family member actively involved in the asset management company. After holding positions at Morgan Stanley, Lazard Frères, and McKinsey, she joined Carmignac in 2006 as a fund manager before transitioning to a hedge fund role in New York. Since 2013, she has been managing director of Carmignac’s London branch and is widely regarded as the leading candidate to succeed Édouard Carmignac.
His other daughter, Lucrèce, pursues a career in theater and film acting.
Hugues Carmignac, another son, is an entrepreneur who founded two start-ups.
Hobbies and interests
Carmignac leads the "Talandracas" polo team, which includes his son Hugues among its players. The team has earned multiple titles such as the Deauville gold cup (won in 2002, 2004, 2010, 2013, and 2016) and England’s Queen's Cup in 2011.
An avid art collector, Carmignac owns pieces by renowned artists including Jean-Michel Basquiat, Roy Lichtenstein, and Gerhard Richter. Two Andy Warhol portraits of Lenin and Mao are prominently displayed in his office. In 1984 Basquiat painted a portrait of Carmignac; the small "C" enclosed in a circle from this artwork inspired the design of Carmignac’s corporate emblem.
Net worth
Forbes ranked Edouard Carmignac as the 1990th richest billionaire globally in 2020, estimating his fortune at $1 billion.