Swiss private bank Pictet has combined two of its US equity funds into a single product after sensing clients’ demand for a broad-based investment product.
The private banker has merged the Pictet US Equity Growth Selection and Pictet US Equity Value Selection funds, moneymarketing.co.uk has reported.
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The united product portfolio, which has £360 million in total assets, has been rebranded as the Pictet US Equity Selection fund.
The company has selected US asset management house Waddell & Reed to manage the new fund, with Gus Zinn and Erik Becker as portfolio manager.
The combined fund will be benchmarked against the S&P 500 and will have a concentrated portfolio of between 40 and 50 holdings, targeting both value and growth.
Pictet was quoted by the publication as saying, "In response to clients’ needs for a single US Equity strategy which implements a broad-based approach with both value and growth characteristics, Pictet Asset Management is merging its two US equity strategies: Pictet US Equity Growth Selection and Pictet US Equity Value Selection which will be renamed Pictet US Equity Selection."
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