HDF Finance, the Paris-based multi-management firm, has announced that Christian de Juniac is to succeed Gilles du Fretay as president.

In a letter sent to all investors, Mr du Fretay said that due to his age Mr de Juniac will take over as chairman of the executive board of HDF. Mr du Fretay will not leave the company completely, however, and said in his letter: “I will take the post of chairman of the supervisory board and keep a close eye on our investment management business.”

Mr Juniac has previously been a director and the chairman of HDF’s supervisory board. He also worked at Boston Consulting Group for 28 years, where his career included heading BCG's global asset management and private banking practice.

Mr de Juniac will work together with the other members of the executive board, Christophe Chouard, the managing director, Christophe Jaubert and Erwan Duquoc.

Mr Fretay's letter also detailed the firm's decision to increase its capital from €5 million ($7.1 million) to €20 million. “This is more than five times the minimum regulatory requirement and is thus a clear sign of our commitment to the future,” he said. 

HDF Finance’s total assets under management amount to nearly €2 billion, according to the firm’s website.