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 Euro-Patrimoine
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
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 quartile."
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