Gilles Michel was confirmed today as director of France’s new Strategic Investment Fund, a sovereign wealth fund with an initial €20 billion ($27 billion) in assets under management, according to Bruno Silvestre, spokesman for the French Ministry of Economy, Finance and Employment, which approved Mr. Michel’s nomination.
Mr. Michel is a member of the PSA Peugeot Citroen managing board and executive vice president of Automobiles Citroen, Paris.
French President Nicolas Sarkozy announced the creation of the fund in November as a way to “boost the equity and to stabilize the capital of French businesses,” according to a news release at the time of the announcement. Mr. Sarkozy nominated Mr. Michel earlier this week.
Officials at Peugeot Citroen could not be reached for comment on whether Mr. Michel will be replaced.
