Carmignac has appointed Ruffer's Jacques Hirsch as co-manager of the Carmignac Portfolio Patrimoine Europe fund.

He will join on 3 July and be based in London, taking over the responsibilities held until now by Keith Ney, who has left Carmignac for personal reasons. 

Joining from Ruffer, where he has worked since 2011, Hirsch currently works as co-manager of the £5bn Ruffer Total Return International fund.

At Carmignac, Hirsch will manage the fixed income element, macro overlay, risk management and portfolio construction of the Carmignac Portfolio Patrimoine Europe fund.

This fund uses a flexible, socially responsible, mixed Europe allocation.

Hirsch will also join Carmignac's strategic investment committee, responsible for producing market convictions, and providing top-down macroeconomic analysis to the firm's wider investment team.

Prior to Ruffer, he worked as a senior equity analyst at Société Générale and a portfolio manager at Fulcrum Asset Management.

In the interim period before his arrival at Carmignac, the management of the fixed income element of Portfolio Patrimoine Europe will be managed by Marie-Anne Allier, co-manager of the flagship Carmignac Sécurité fund since 2019. 

The equity element of Carmignac Portfolio Patrimoine Europe will continue to be managed by Mark Denham.

After Hirsch joins, the fund will also continue to be co-managed by Rose Ouahba, head of the fixed income team, and David Older, head of the equity team. 

Edouard Carmignac, chair and CIO of Carmignac said: "We are delighted to welcome Jacques Hirsch to Carmignac. He is an experienced portfolio manager who has demonstrated his ability to deliver strong performance throughout various market conditions, including the volatility of recent years."