A long-standing equities investor for the GIC is leaving the Singapore sovereign wealth fund for a French boutique.
La Financière de l’Echiquier said it is hiring Frédéric Buzaré (pictured above) away from the GIC, where the Frenchman has worked in European equities for over six years.
Buzaré will work alongside LFDE founder Didier le Menestrel and co-manage Echiquier Agressor, a flagship contrarian-based European equities fund.
Remarkable International Career
«I'm very much looking forward to teaming up with Frédéric who is distinguished by a remarkable international career,» de Menestrel said in a statement.
Before joining the more than $100 billion-heavy GIC in 2012, Buzaré was head of equity management in the asset management arm of now-defunct bank Dexia as well as a fund manager at BNP Paribas and Axa's investment arm.
Loss-Making Stake
One of the GIC's largest European investments – a loss-making stake in Swiss bank UBS taken during the financial crisis – was unwound last year. The fund, which has long maintained close ties to UBS, said the move was a bid to diversify its capital, not a demonstration of lack of faith,
