The European investment house has appointed new leadership for funds totalling €418 million under management.

Carmignac has appointed Mark Denham as head of European equities. He replaces Muhammed Yesilhark, who left the company in March.

Denham joins after 13 years with Aviva Investors, where he was in charge of pan-European equities. He managed €5 billion ($5.7 billion) in mandates from 2004 and in open-ended funds from 2012. Before Aviva, he was a European equities fund manager at Insight Investment and at National Mutual Life.

He will join the London office in October, taking on management of the Carmignac Grande Europe and Carmignac Euro-Patrimoine funds, which totalled €418 million under management as of the end of May. 

Over the last three years, the Carmignac Portfolio Grande Europe has delivered a cumulative performance of 17.7 per cent, compared to sector average returns of 20 per cent, while the Carmignac Euro-Patrimoine retuned -9.2 per cent over this period, versus a sector average of 16.8 per cent, according to Trustnet.

“Our aim is to achieve robust, steady performance, based on a culture of long-term investing. This is at the essence of our Patrimoine investment approach. Mark understands this focus and his experience, track record and investment style make him the ideal leader to drive that ambition forward,” said Edouard Carmignac, founder and chairman of Carmignac.

Paris-headquartered Carmignac manages over €50 billion of assets.