French asset manager Carmignac Gestion has hired a four-person team that previously worked for SAC Capital, the US hedge fund group that is closing its London office and retrenching following a record insider-trading settlement.

The team is led by Muhammed Yesilhark, who joined SAC from York Capital Management, another hedge fund business, in 2009. Carmignac is initially giving the team funds worth €1.6bn to invest in European equities.