November 7, 2018 / 1:06 PM / 8 days ago

UPDATE 1-French firm Carmignac Gestion under investigation for tax fraud - source

(Adds company’s reaction, details)

PARIS, Nov 7 (Reuters) - French investment firm Carmignac Gestion is under investigation by French financial prosecutors for tax fraud and money laundering, a source close to the matter said on Wednesday.

Company founder Edouard Carmignac has become one of the most publicly recognised French asset managers, due to events such as a private Rolling Stones concert for his clients, an annual photojournalism award and tirades against the European Central Bank in open letters.

The company, which has some 50 billion euros ($57 billion) of assets under management, denied any wrongdoing in a statement while adding that it had to pay an undisclosed amount of money to tax authorities.

“It is important to note that this issue concerns past deeds and that the risk is now over,” said Carmignac Gestion.

“The interest of our clients and partners was never at stake: the disagreement with the tax administration exclusively concerns the company and in no way our funds,” added the firm.

Jean Tamalet, a lawyer representing Carmignac Gestion, also said the probe did not concern Carmignac Gestion’s handling of its clients’ affairs but instead centered on how it had paid certain executives via dividends.

$1 = 0.8707 euros Reporting by Emmanuel Jarry and Blandine Henault; Writing by Michel Rose and Mathieu Rosemain; Editing by Richard Lough/Sudip Kar-Gupta

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