Edouard Carmignac is still the most formidable asset manager in France. But the aftershock of the credit crisis is nibbling away at his reputation.

Carmignac earlier this month sat down for a lengthy interview with Financial News in his spacious office at 24 Place Vendôme, amid the upmarket boutiques and a few minutes' walk from the Louvre. The chairs were still arranged from the daily investment meeting where decisions are made on the €52 billion under management at the company he founded, and named after himself, a quarter of a century ago.