CPR Asset Management, the quantitative investment management arm of the Crédit Agricole Group, has named Jean-Eric Mercier as its new chief executive.

Mr Mercier replaces Pierre Simonet, who left CPR AM in July 2008 after a seven-year tenure; chairman of the board Pascal Blanque will continue as interim CEO until Mr Mercier joins the company on 4 March.

On taking up leadership of CPR AM in Paris, Mr Mercier will also become a member of the executive committee of the Crédit Agricole Asset Management Group.

Since 2003, Mr Mercier has been chairman and chief executive of Fidelity Investissements SAS and Fidelity Gestion in Paris, where he oversaw the launch of new products within group pension schemes and life insurance. 

Prior to this, Mr Mercier held vice-presidency positions at Mercer Olivier Wyman and AT Kearney, having previously been in charge of consultancy for investment banking and asset management at Bossard Consultants.

As at 30 September 2008, the Crédit Agricole Asset Management Group managed a total of €460 billion ($596.6 billion) and CPR AM had over €22 billion under management.  CPR AM has a staff of 140, while as a whole the CAAM group employs 2,272 people across 20 countries in EMEA, North America and Asia-Pacific.