Pictet adds credit fund to total return range

Pictet is launching an absolute return credit fund for ex-Swiss Re managers Raymond Sagayam and Kazik Swiderski.

The Total Return-Kosmos fund, a UCITS III fund domiciled in Luxembourg, is a global long-short portfolio using a relative value credit spread strategy, and offers investors daily liquidity. Sagayam and Swiderski have been developing the strategy for the Kosmos fund since departing Swiss Re Asset Management in 2010. The new fund will sit alongside the PTR-Corto Europe fund, which invests in European small and mid cap stocks, and the group's Chinese equities-focused PTR-Mandarin fund. Sagayam said the Kosmos fund would have a low correlation to long-only equities and corporate bonds....