Ariane Tardieu from Carmignac is our Sales Manager of the Month

Ariane Tardieu is head of country France at Carmignac. She joined the company in 2003, initially as business developer for distribution, then promoted to head of distribution in 2007, and finally in 2012 became head of country responsible for distribution, wholesale and Institutional teams.

Previously she worked as a business developer at ING IM, and was a fixed income assistant for fund managers at CDC IXIS AM.

What made you decide to go into the financial sector? Did you have any other vocations? How were your first steps in the sector?

At home! My father was one of the first stock market TV commentators in France and he transmitted his passion for the economy and the markets.  I started on the trading floor, but I realized my strength was on the field. When I joined Carmignac beginning of 2000s I found what I was looking for in finance: passionate professionals with open minds and a horizontal organization where everyone shared their ideas; fixed income fund managers working with equity teams, macro economists with chartists, and our private equity team with our listed funds’ PM.

What does a typical workday look like for you? What do you enjoy the most about your job?

There is no typical workday! This is the best thing about my job. Every day is different, meetings and travelling to meet clients are always full of surprises. I have plenty of passionate discussions and debates with specialists, clients and my team. It is for all these reasons that I love my job. 

In your opinion, what are the key drivers for successful fund distribution? How do you approach building and maintaining relationships with clients?

The most important thing is developing trust with partners, listening, being proactive and understanding the clients’ needs. My team is always on the field in contact with partners. In the 22 years that I’ve been with Carmignac we’ve experienced good times as well as challenging times, and we’ve always been up front with clients.

Could you highlight any topic on which investors should focus for the long term?

Of course technology and AI will be key in the following years, but choosing how and where to invest will be the biggest challenge. 

And ESG is already an important topic and it will continue to grow.

How do you stay informed about market trends and changes in the asset management industry?

Networks are key. At Carmignac, our sales representatives are out in the field every day, and thanks to our international presence, we regularly exchange best practices between countries. These exchanges of information and experiences allow me to learn from others. And of course we discuss market and industry trends with our partners. 

What is your advice to investors, how should they position their portfolios with the current environment?

Given the high level of uncertainties and seismic shifts globally, maintaining a diversified portfolio and staying flexible is crucial. We continue to adopt a cautious stance on equities, shifting our focus towards defensive and beaten down visible stocks in the US and diversifying our investments into European and emerging markets.

In terms of sovereign bonds, we prefer US to Europe, and continue to anticipate steeper yield curves. Regarding credit, we have noted signs of complacency in the market and wait for widening of credit spreads to reengage more significantly in the asset class. Consequently, in an unpredictable world the visibility provided by carry is well appreciated but we complement our allocation to credit with some protection, particularly in high-yield segments.

Divergence in cycles among the main economic blocs calls for global but differentiated approaches to investment.

What is the most exciting thing you have seen in the markets since you started working in the financial sector? And the biggest challenge you had to face?

In 2008, I experienced my first financial crisis. All the Carmignac teams were mobilized to respond to partners' questions. Despite the tensions, the managers remained available at all times. Thanks to flexible management, our flagship fund did not report negative performance and in March 2009, we were able to quickly remove all protections to take advantage of the rising markets. Today, ETFs are widely discussed, but in complex periods, active management is mandatory!!

What do you see as the biggest challenges and opportunities in the asset management industry today, and how would you address them as a Sales Manager?

Today there is a big focus from regulation and media on costs, but our challenge is to show that there are services and performances too! 

Another goal at Carmignac is to further develop our private equity expertise. And against ETF competition, we must continue to offer high value-added funds such as diversified or alternative funds.

When you have free time, what do you like to do?

Diving. As soon as I can I head to the ocean….