Pictet Asset Management (Pictet AM) has expanded its investment and trading capability in Asia by establishing a renminbi fixed income team in Hong Kong, reported Asian Investor.
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As part of the expansion, Pictet AM has relocated its Greater China long/short investment team, comprising two managers, to Hong Kong from Geneva, in July.
The firm has also appointed a new manager to join the Hong Kong team.
Additionally, Pictet AM is planning to start trading in Vietnam besides its 14 Asian markets where it trades directly. The firm will access Vietnamese stocks through a fund managed by Dragon Capital.
David Clark, Hong Kong-based head of Asian equities trading at Pictet, said: "The infrastructure is all set up, including the brokers. It’s a matter of the portfolio managers coming up with ideas to buy the stocks, and we are ready to go."
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By GlobalDataClark added that the firm is boosting its Asian trading team to enhance performance, source liquidity and also with an aim to join the RMB qualified foreign institutional investor (RQFII) scheme.
"The main benefit [of moving to Asia] is being able to react to news and flows and sourcing liquidity. It makes sense sitting in the region to react to market movements, take a view and talk to brokers and come up with a trading plan for that day," added Clark.
