The family behind Philippe Group, the international investment management firm, has announced that the granddaughter of the founder is to take over the running of Pan-Holding, one of Europe's oldest mutual funds.
Beatrice Philippe (pictured), via the group's Philippe Investment Management business unit of which she is president, has been hired to manage the fund.
PIM and Beatrice, who has been with the firm since 1973, take over from her brother Alain's SAEF Gestion company.
Having survived World War Two by relocating its assets to Panama and then moving to Luxembourg, Pan-Holding is today a global equities fund with assets of $271 million (€191 million).
Founded in 1931 by Raymond Philippe, former managing partner of Lazard Frères, Philippe Group was run by Beatrice's father Pierre Philippe until 1986.
According to a message on the company website, Beatrice says the company is committed to serving the global equity management needs of families and institutions.