Pictet launches short-term corporate bond fund

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Pictet Asset Management has launched a short-term corporate bond fund for veteran fund manager Frédéric Salmon and colleague Justine Vroman.

According to documents seen by Citywire Global, the Pictet-EUR Short Term Corporate Bond fund was launched by the Geneva-based group at the end of November.

It currently has €30 million in assets and is primarily invested in bonds with a maturity of one-to-three years, which make up 80% of the fund exposure at present.

On a geographic basis, it is widely diversified between France, the UK, the United States and Spain, all of which account for 14-17% of the fund at present.

Salmon currently runs four bond funds covering both short-term and corporate bond strategies. The former Citywire A-rated manager is currently head of investment grade credit at Pictet.

It is understood, however, that this marks Vroman’s first senior portfolio manager role.

The Luxembourg-domiciled fund has been registered in 15 markets so far, which includes several European markets and Hong Kong.

It is benchmarked against the Barcap Euro Aggregate Corporate 1-3 yrs A-BBB Bond index.