Carmignac Gestion Group has appointed a new four-strong
European equities team in London, who join from SAC Capital
Advisors - Steve Cohen's US-headquartered firm which is closing
its London office amid the fall-out from a long-running insider
trading inquiry in the US.
Muhammed Yesilhark leads the unit, which will manage
€1.6 billion of the firm's European funds from Carmignac
Gestion Luxembourg's London office. Yesilhark, a former Lazard
analyst who helped to build York Capital's hedge fund business
for five years before joining SAC in 2009, will manage the
Carmignac Grande Europe fund and the long/short Carmignac
He will also co-manage the Carmignac Euro-Entrepreneurs
strategy, which focuses on small and mid-caps, along with Malte
Heininger, who worked with Yesilhark at SAC Capital and is a
former investment banker at Morgan Stanley.
Yesilhark also brings two analysts to Carmignac: Huseyin
Yasar, who previously worked in the M&A division at Goldman
Sachs before joining Yesilhark's team in 2011; and Saiyid
Hamid, who joined SAC in 2013 and previously spent three years
at private equity group TA Associates.
Carmignac - which is one of Europe's largest independent
asset managers - has around €55 billion of assets under
management across 23 funds covering a broad mix of asset
classes, with capital owned through a shareholding structure
entirely by managers and staff.
The firm's flagship Carmignac Patrimoine global balanced
fund has delivered an 8.67% annualised return since it was set
up 1989, and generated positive returns in 2008 at the height
of the financial crisis.
Edouard Carmignac, the firm's founder and chairman, said:
"We're bringing on board a talented team under Muhammed
Yesilhark's leadership to underscore our commitment to generate
strong investment performance in European equities. The
objective is to raise our European funds to first
He added: "Their experience in long/short management will
help us to perform in all market conditions and will complement
our risk management. The team will also contribute to the firm
by originating investment ideas for use across the Carmignac
Gestion Group funds range."
The team's former employer, Steve Cohen's SAC Capital,
decided to shut its London offices toward the end of 2013. The
closure was part of a scaling back of activities by SAC as a
result of a sustained far-reaching probe by US investigators
into alleged insider trading at the firm.
Earlier this month, Mathew Martoma, a former hedge fund
portfolio manager at SAC, went on trial in New York accused of
securities fraud linked to the hedge fund's sale of two
pharmaceutical company stocks. Martoma, who left SAC in 2010,
denies the allegations.
In December, former SAC portfolio manager Michael Steinberg
was convicted of insider dealing charges after he traded shares
in technology companies on the back of confidential earnings
reports. He will be sentenced in April.
In November, SAC agreed to pay $1.8 billion in a settlement
to the long-running insider trading investigation into the
firm. SAC also intends to close down its multi-billion dollar
third-party investment advisory business to become a family