Carmignac appoints co-manager on blockbuster fund

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French firm Carmignac Gestion has appointed its head of credit Keith Ney as co-manager on its €5.8 billion European bond fund, Carmignac Sécurité.

The move sees Ney (pictured), who was appointed head of credit at the Paris-based firm in April 2011, work alongside the fund's existing portfolio manager Carlos Galvis.

Ney, a US-born manager who has been with Carmignac for eight years, has already taken up his new role on the European short term bond fund and will remain the firm's head of credit, overseeing its global credit exposure and credit analyst team.

The fixed income team was also recently expanded with the appointment of Pierre Verlé as a credit analyst. Verlé specialises in high yield bonds, loans and distressed special situations.

Galvis assumed control of the fund in April 2011 when he took over from Rose Ouahba, who was appointed to head up Carmignac’s fixed income team.

The move to support Galvis on the fund marks Ney’s second portfolio management role for Carmignac, having previously served as a co-manager on the Carmignac Market Neutral fund.

This fund is currently being overseen by Vincent Steenman after it was announced Maxime Carmignac would be going on maternity leave.

Over the past three years, the Carmignac Sécurité has returned 8.9%. This compares to its Citywire benchmark, the Citigroup EuroBIG 3-5 Years TR, which rose 15.78% over the same period.