French trade body chief resigns

Demeunynck's exit from his two-year role as director-general of private equity association Afic represents the third senior departure from a major European industry group in as many months.

The news comes as European lobby groups have experienced increased financial pressure due to the recession.

Demeunynck said: "I took the reins in an economic, regulatory and fiscal environment that very quickly proved to be particularly challenging."

According to and Afic spokesman, Demeunynck's decision was not related to market difficulties and he is instead leaving to pursue a new challenge.

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