Swiss managers busy with fund launches
Pictet Asset Management has launched a short-term high yield Eurobond fund, becoming the latest to seek returns of high yield with relative safety of short-term paper, while Reyl Asset Management was also active launching products today.
The Ucits compliant Pictet-EUR Short Term High Yield fund will be run by Roman Gaiser (pictured), who has 16 years’ experience in high-yield bond investing.
Pictet pointed to advantages short-dated high yield Eurobonds have given the prevailing environment of “moderate growth, low inflation and deleveraging”.
Similar products, with various geographical focal points, have also been launched by Axa Investment Managers and Alliance Bernstein.
Pictet noted lower-duration high-yield bonds are less sensitive to moves in interest rates, and are less volatile compared to high yield debt of a longer duration.
Alongside Gaiser will be Alexander Baskov, Prashant Agarwal and Markus Orschulik. The team will be based in Geneva and will diversify the portfolio across sectors and ratings.
Gaiser said Europe’s market has “now achieved a critical mass, which makes this asset class both investible and desirable.”
Meanwhile, Switzerland’s Reyl Asset Management is launching two Ucits IV compliant long/short hedge funds focused on Europe and emerging markets.
The €1.3bn Genevan asset manager, part of the Reyl & Cie diversified financial group, has offered funds since 2004.
Its Reyl Long/Short European Equities fund and the Reyl Long/Short Emerging Markets Equities fund follow the stock-picking investment model Reyl designed for its Reyl European Equities fund, according to the group.
It combines fundamental value and defensive strategies with growth-at-a-reasonable-price /momentum strategies.
The funds range across market capitalisations, sectors and countries.
Thomas de Saint-Seine, chief executive officer of Reyl Asset Management, said: “In today’s particularly volatile environment, we wanted to develop new investment vehicles aiming at generating performance while preserving investors’ capital.
“Our two new funds reflect this double objective; they take their alpha engine from our traditional equity funds, while borrowing from our existing long/short product, the Reyl Absolute Return fund, their hedging process to reduce volatility.”