"You can't be intellectually independent without being financially independent."
Our organisation
| With eleven business development centres around the world, Pictet Asset Management has a global reach that extends from London, Geneva, Frankfurt, Paris, Milan, Madrid and Zurich to Tokyo, Hong-Kong, Dubai and Montreal. |
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Management structure
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PAM is managed by its own executive board of seven members, headed by Renaud de Planta, one of the Bank's eight managing partners. Membership of the board represents each major function:
Pictet Asset Management is organized into six divisions, each reporting directly to the Managing Partner. Finance, Compliance and Human Resources report directly to the Executive Board. |
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Investment teams
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Our investment teams are structured on an asset class basis. Each investment team draws upon a range of external and internal resources, including our own sector specialists. We believe that investment portfolios are best managed as an integrated global whole, rather than a congeries of regional portfolios. To do this successfully we combine the traditional, regional organization of expertise with a global organization based on sectors. Asset management takes place in five centres – London, Geneva, Zurich, Singapore and Tokyo – and falls into the following groups: Strategy Unit, Global/Regional equities, Balanced & Quantitative Investments, Emerging Equities, Small Cap, Swiss Equities, Sector & Theme funds and Fixed Income. PAM Sector Teams (PSTs) provide a strong analytical platform for the investment managers. |
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The four equity portfolio construction teams are: Global, US, EAFE, Japan and Europe. US, EAFE, Japan and Europe form the Regional Equities business unit, while Global Equities is a business unit in its own right. The Fixed Income group comprises specialists in international bonds, including European bonds and Swiss bonds, money markets, currencies, volatility, emerging debt, asset backed securities, investment grade credit and high yield. Balanced and quantitative investment also includes the Multi-Asset and Total Return unit and Socially Responsible Investments. Each business unit is responsible for its own organisation and resource allocation within clear limits defined by the Executive Board. A senior investment manager heads each business unit, reporting directly to the relevant member of the Executive Board. |
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Investment Principles
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We believe that markets and stocks often depart from fair value and that we are able to exploit those differences profitably. We try to avoid the consensus, without being unthinking contrarians. The size of our active positions reflects the strength of our convictions and we believe that consistent good performance comes from diversification and a broad range of research inputs. Our investment disciplines should be difficult to reproduce externally. Value creation requires a framework in which fund managers can confidently allocate active risk according to expected active return, whether in relative or absolute return strategies. Our customised multi-factor risk models allow equity managers to identify the contribution to risk of each element of the portfolio, whether by region, country, sector or stock; while bond managers can see duration, yield curve, forex and credit contributions; all managers monitor liquidity. |
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Compliance
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Employees have an absolute duty to stay within the rules and laws of the jurisdictions in which we operate. Pictet Asset Management’s well-staffed Compliance Team is responsible for advising staff on continued compliance with their relevant legal and regulatory obligations, as well as regularly monitoring those obligations. All staff are required to acknowledge formally the content of our internal Code of Ethics and to undertake regular compliance training to remain fully instructed on current regulation. Above all we expect everyone at Pictet Asset Management to acquire and incorporate the highest standards of compliance in their everyday working practice, from identifying and managing conflicts of interest to open and transparent relationships with colleagues, clients and regulators. |
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