Édouard Carmignac, the veteran fund manager and founder of the eponymous firm he set up in 1989, is to step down from managing one of its flagship products following a run of poor performance.

The 71-year-old is to hand over responsibility for the €4bn Carmignac Investissement fund to David Older, the asset manager's head of equities. The fund has failed to beat its benchmark over the past one, three, five and 10-year periods, according to performance figures published online.