Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Pictet merges US equity funds

Pictet merges US equity funds

Two US equity funds with contrasting styles have been merged by Pictet.

The Pictet US Equity Growth Selection and Pictet US Equity Value Selection funds have now been combined and renamed as the Pictet US Equity Selection fund. The unified fund has £360 million of assets under management.

A spokesperson for Pictet told Wealth Manager that the decision had been taken ‘in response to clients’ needs for a single US equity strategy which implements a broad-based approach with both value and growth characteristics’.

US asset manager Waddell & Reed, which oversees £78 billion in total, ran the growth fund and will continue to manage Pictet US Equity Selection. The portfolio managers are Gus Zinn and Erik Becker. The value fund was managed by Westwood Holdings, a Dallas-based asset manager that no longer runs any mandates for Pictet.

The growth fund had returned a top-quartile 44.3% through the three years until the end of March 2014, while the value fund generated a second-quartile 39%. The average for the peer group was 35.7% during the period.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: The godfather of fund-of-hedge-funds on the sector's future

Profile: The godfather of fund-of-hedge-funds on the sector's future

When Dixon Boardman started 26 years ago ‘there were 600 hedge funds and only 100 had $100 million – it was not even a cottage industry,’

Wealth Manager on Twitter