Veteran French boutique chief quits

Marc Favard, head of Meeschaert Asset Management has left the French boutique after a career spanning more than 25 years, Citywire Global can exclusively reveal.

A spokesperson from the Paris-based group, a subsidiary of Meeschaert Gestion Privée, confirmed he had left the firm at the end of December following a difference of opinion over the future development of its investment strategies.

His departure was said to have been on 'friendly terms' and the French boutique will be announcing his replacement in the next few weeks.

Favard joined Meeschaert in the early 1980's and had been its head of asset management since 1990. He ran over €250 million across a number of funds in both equity and fixed income, including the MAM Selection Actions and the MAM Obli Convertibles funds.

Support managers will take over the management of the funds and the firm said they will announce replacement appointments in due course.

Over the past three years until the end of December Favards's former MAM Selection Actions fund has returned 38.6% while its Citywire benchmark, FTSE Europe TR, rose 36.1% in euro terms.