Mirabaud Asset Management launches multi-asset strategy
Geneva-based Mirabaud Asset Management has appointed Pierre Pinel, CIO for asset allocation products and balanced mandates to manage a new multi-asset strategy.
Pinel has a degree from the HEC Business School at the University of Lausanne and a Swiss federal diploma as a financial analyst and asset manager. He started his career with the Swiss banks UBS and Credit Suisse. From 1993, he worked at Paribas and then BNP Paribas in the asset management business as a financial analyst before going on to manage equity funds.
He was responsible for setting up an open architecture multi-management, diversified management and targeted management by asset class.
Mirabaud’s Dynamic Allocation” strategy will offer flexible management on all traditional asset classes and aims for long term capital appreciation and protection in case of market losses, through its reactivity and flexibility in tactical choices.
The firm said the past two years have demonstrated that the classic investment cycles relied upon for decades are no longer the norm.
Buying equities between 2003 and 2007 was a “benign act”, it said. The drop in fixed income yields was also a clear long term trend between 2000 and 2003. “The risk-free rate has been replaced by rate free-risk, and equities are more influenced than ever by political intervention and less influenced than ever by fundamentals.”
Pierre Pinel, CIO for Asset Allocation Products and Balanced Mandates at Mirabaud Asset Management said things are more complicated now. “Markets tend to move fast in shorter cycles and often finish at the same level they started at but with highly volatile periods in between. A passive approach will ultimately result in disappointing returns. The goal of any dynamic multi-asset portfolio today is to capture these intermediate trends in order to compound returns”.
Lionel Aeschlimann, a partner of Mirabaud and head of asset management said a dynamic asset allocation gives the flexibility to steer away from the reference index and thus offer lower correlation to traditional financial markets.
The process is based on indicators of financial trends, macroeconomic indicators and price indicators. The portfolio will invest primarily in liquid and transparent vehicles. The approach relies on the integration of macro and quantitative specialists within the investment team, as a good understanding of central bank policies and their language are essential to the success of any multi asset portfolio.
Mirabaud Asset management is part of the bank Mirabaud & Cie, which was founded in Geneva in 1819. It has tripled assets under management in 10 years.