Tuesday, 24 May 2016
Last updated 8 hours ago
Mar 5 2010 | 3:10pm ET
Swiss private bank Pictet & Cie. aims to double its assets under management over the next five years, and is looking to “brand”-name funds to help.
The Geneva-based firm, which last month hired hedge fund Jabre Capital Partners to manage a convertible-bond fund, hopes to increase Pictet Funds’ assets by 15% per year. That division, which currently has US$4 billion in funds of hedge funds and another US$1 billion in single-manager funds, currently manages about US$93 billion.
At least some of that new money is likely to find its way to some of the most prominent hedge fund managers out there, like Jabre, headed by former GLG Partners star trader Philippe Jabre.
“Some were burned, but if you look at those who survived and why, there’s still potential,” Pictet CEO Laurent Ramsey told Bloomberg News. “Now is a good time to invest in the brand names because they fared pretty well.”