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重要公告
[2021年6月15日] 近日，瑞士百达资产管理 (以下简称“瑞士百达资管”) 发现有人在中国内地和香港未经我们的授权而非法使用我们的名称 (包括“瑞士百达”、“Pictet” 、“瑞士百达资管”)、商标和/或标示向中国的个人投资者非法募集资金，如假借“瑞士百达资管”的名义，通过手机应用程序及聊天群组向散户提供炒股培训及开户炒股服务等不法活动，已有中国个人投资者声称因上述欺诈行为而遭受损失。对于任何未经本公司授权而使用我们的名称、商标和/或标示的侵权行为，可能导致本集团名誉受损，我们保留追究相关侵权人法律责任的所有权利。
瑞士百达资管特此提醒公众注意并郑重声明如下：
- 瑞士百达资管的唯一官方网站是：www.assetmanagement.pictet，瑞士百达资管的手机应用程序 (即Pictet AM) 只能于App Store 及 Google Play 下载。其他网站及其载有的应用程序均与本公司无关。
- 瑞士百达资管母公司瑞士百达集团在中国内地注册的唯一官方微信公众号是” 瑞士百达 Pictet” (微信号：Pictet_1805) 。瑞士百达集团同时为旗下百达摄影奖经营官方微博“百达摄影奖PrixPictet”。瑞士百达资管未有在中国内地独立注册或运营任何网站、网络应用程序或网络平台(包括应用程序或官方微博等)，也不会使用微信、QQ或其它即时通讯工具建立群组在中国进行任何募集销售行为。
- 瑞士百达资管在中国内地与香港只会通过持牌金融机构向个人投资者销售产品，并无直接销售渠道。除了通过中国内地与香港的基金互认安排销售“瑞士百达策略收益基金”之外，瑞士百达资管未在中国内地向公众发行任何基金或理财产品。
我们提醒广大投资者提高警惕，在进行任何投资之前进行充分的尽职调查。如您因不法分子的欺诈行为已遭受损失，应及时向当地警方报案。如涉及个人信息在香港的披露，请您向个人资料私隐专员公署或有关保护个人资料私隐的香港相关部门提出投诉。
瑞士百达资产管理(香港)有限公司
Important Note
[15 June 2021] Recently it has come into the attention of Pictet Asset Management ("Pictet AM") that our trade name “瑞士百达”、“Pictet” 、“瑞士百达资管” and/or our logo have been misused by unauthorized persons in Mainland China and Hong Kong for illegal fund-raising from Chinese investors, such as providing retail investors with stock trading training and account opening and stock trading services in the name of "Pictet Asset Management" via mobile apps and chat groups. Some Chinese individual investors have alleged that they have suffered losses due to such fraud. We reserve all our legal rights to take legal actions against such unauthorized usage of our name and/or logo which may lead to reputational loss on us.
Pictet would like to alert the public and hereby declares the following:
- Pictet AM's only official website is www.am.pictet and Pictet Asset Management's mobile apps (i.e. Pictet AM) are only available for download at App Store and Google Play. All other webpages and apps other than aforementioned are unrelated to Pictet.
- Pictet AM’s mother company Pictet Group’s only official Wechat account is “瑞士百达 Pictet” (Wechat ID: Pictet_1805). Prix Pictet, a Pictet Group’s photography award also owned a Weibo account “百达摄影奖PrixPictet”. Pictet AM has not registered or operated any website, online application or platform in Mainland China under its own name, such as app and official Weibo account. We will not conduct any distribution activities in China via chat groups of WeChat, QQ or any other instant communication tools.
- We only sell products through licensed financial institutions to individual investors in Hong Kong and Mainland China and have no direct sales channels. Except for Pictet Strategic Income fund distributed under the Mainland China – Hong Kong Mutual Recognition of Funds scheme, Pictet AM has not issued any fund or wealth management product to retail investors in Mainland China.
We would like to remind all investors to be vigilant and conduct sufficient due diligence before making any investment. If you have suffered any loss due to illegal activities, it is advisable to timely report the case to local police. If any disclosure of personal information is involved in Hong Kong, you may file the complaint with the Office of the Privacy Commissioner for Personal Data or any other relevant Hong Kong authorities for protection of personal data privacy.
Pictet Asset Management (Hong Kong) Limited
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Torn and frayed: the new bond market
Sébastien Eisinger and Elena Mendez Fraboulet explain how a drying up of bond market liquidity has transformed fixed income investing.
Liquidity – the ability to buy or sell securities without affecting their price – is said to be deteriorating in bond markets. Do you see signs of this too?
EMF. We see evidence of declining liquidity every day. Our bond traders have fewer counterparties to trade with than they did a few years ago. And, what’s more, those counterparties’ trading books are smaller than they were in the past because of tighter financial regulations.We see evidence of declining liquidity every day.
This means it is more difficult for investment managers to buy and sell bonds at what they would consider to be an attractive price. These problems used to be confined to the high-yield bond markets, but they are now a feature of investment-grade debt, where liquidity used to be taken for granted.
SE. The figures showing how far market infrastructure has weakened are quite remarkable. Before banks were hit with new regulations in 2007, broker-dealer inventories of US corporate bonds – the amount they’d be happy to hold to trade at a future date – were just above USD400 billion.
Now, that figure is closer to USD50 billion. And that fall comes at a time when issuance of bonds among corporations is rising at record pace. Between 2000 and 2008, the volume of new corporate bonds averaged at just under USD800 billion per year. In the years 2009 to 2015, that figure has climbed to USD1.24 trillion.1
What changes have Pictet Asset Management made to their investment process to mitigate the risks associated with harsher trading conditions? Have your bond traders acquired a more prominent role, for instance?
SE. Our traders have always had a major role to play in our investment process – their responsibilities have traditionally extended beyond the execution of buy and sell orders. Yet with liquidity becoming harder to source, the traders' role is evolving. It now involves providing portfolio managers with detailed guidance on liquidity so that trade ideas can be assessed for their viability through the lens of available liquidity.
The traders’ role is evolving.
Also, traders are making greater use of new technology. The technologies we’re phasing in are helping traders conduct essential pre-trade, in-trade, and post-trade analysis, enabling them to find liquidity in the most efficient and effective way. Traders are also utilising different trading styles to help secure best execution for our clients. This includes using pre-trade platforms, dark trading pools; and algorithmic, or rules-based trading. Using these different styles allows us to be better informed on what strategy works best for particular orders and, hence, our clients.
EMF. Tougher trading conditions have also made it more costly to alter the composition of a portfolio. Our investment managers have adapted in a number of ways. I’d say that managers now tend to change the make-up of their underlying investments less frequently than they used to.
Yet at the same time, and to hedge investments against short-term volatility and to reduce other risks, managers are making greater use of derivatives. These instruments are often more liquid than many types of bond and can be used to alter a portfolio’s sensitivity to changes in interest rates, yield curves or credit market indices.
Credit default swap indices, for instance, are remarkably liquid instruments that offer investment managers a very cost-efficient way of altering the credit beta of a portfolio – or its sensitivity to the shifts in the perceived creditworthiness of corporate borrowers.
So, to summarise, investment managers are holding on to their investments for longer but making better use of liquid derivatives to protect the portfolio from short-term market fluctuations.
What steps are you taking to more accurately measure the liquidity risks inherent in fixed income portfolios?
EMF. When clients ask ‘how liquid are my investments?’, what they are really asking is: ‘what proportion of my investments could I realistically sell, within a reasonable timeframe, without incurring significant trading costs?’
Transaction costs, size and execution
An illustration of the relationship between transaction cost, transaction size and transaction execution time
Source: Pictet Asset Management MSCI
The fixed income risk team here is working with a new tool that we hope will provide the answer to this complex question. The new model – LiquidityMetrics, developed by MSCI – quantifies portfolio liquidity by estimating the relationship between the size of a transaction and the length and cost of its execution, measured respectively in days and basis points.
In other words, if clients wished to sell some of their invested assets, the model would be able to tell them whether and to what extent the trading cost and execution time would vary according to the size of the intended transaction. All things being equal, the greater the transaction size, the greater the potential cost and the longer the execution time. The most liquid portfolios, then, would be those for whom the transaction size has little or no bearing on trading cost or execution time.
Does the growth of fixed income funds offering daily liquidity make matters worse? And what about the very largest bond funds – do they represent a systemic risk at a time when liquidity is in decline?
SE. Some investment industry experts believe that the growing number of bond funds offering investors daily liquidity – or the ability to liquidate holdings with one day’s notice – threatens to become a source of market instability. There is some truth in that. If some bonds in a certain fund are not liquid enough to trade daily, then does it make sense to offer a client daily liquidity in that fund? I don’t think so. It is a mismatch that can cause problems.
Also, in offering daily liquidity, asset managers must ensure they deliver adequate protection to those clients that do not wish to trade frequently. If one client engages in a large transaction at short notice, that trade could potentially affect the value of the entire portfolio – to the detriment of other clients in the fund. There are a range of anti-dilutive measures to protect a portfolio against this risk, but in some instances those tools are inadequate. So when we believe offering daily liquidity might compromise the investments of those clients who don’t need or want to trade that frequently, then we don’t offer that alternative. We need to act in the interest of all our clients.
Asset managers must ensure they deliver adequate protection to those clients that do not wish to trade frequently.
The thing is you can sell and buy most bonds at short notice – provided you are willing to compromise enough on the price. And it is our duty as investment managers to remind investors of this fact at all times. To the asset management industry’s credit, I think it is beginning to get this message across, but it probably needs to do so even more clearly.
EMF. The popularity of funds offering daily liquidity is not the only problem. The rise of the 'mammoth' bond fund can be too. As recent events have shown, when these funds have to liquidate large positions in less liquid instruments, this causes a lot of market volatility. Not only that, but their sheer size also makes it difficult for them to generate good returns for their investors. So I’d say that poorer liquidity means that asset management companies will probably need to become more disciplined in managing the size of their bond funds. Capacity limits will probably need to be lower. It is something that Pictet Asset Management has taken a very close look at in recent years.
Do you believe electronic trading is viable in bond markets? To what extent does Pictet Asset Management make use of automated trading platforms?
SE. Electronic trade has always been difficult to establish in fixed income. The market does not lend itself easily to electronic trading because there are simply too many fixed income securities. Many of the systems currently in use simply try to bring together investors who are trading in exactly the same security. That is very difficult to do. Yet there is another way, but it will require a change in attitude among market participants as well as heavy investment in technology.
If asset managers want the market to be more liquid in future, they will have to become the price-setters.
What might make for a viable platform is one which allows all members of the fixed income community – that’s both market intermediaries such as investment banks and end investors such as asset managers - to exchange their bid-ask spreads.
To establish such a platform, though, would require asset managers to accept a new role – that of price setter. For too long, the investment management industry has been piggybacking on the liquidity provided by investment banks. It has not really facilitated trade in any meaningful way. But those days are gone.
If asset managers want the market to be more liquid in future, it is they – not the investment banks – that will have to become the price-setters. And that will require new skills.
But the key point to make is that we are in a period of experimentation. We are experimenting with various models and trying to find the one that works best for our fixed income managers and our clients.
So does all this mean that Pictet Asset Management’s fixed income business is venturing into unfamiliar territory?
SE. Not really. Especially when you consider that we have considerable experience in investing in one of Europe’s most illiquid bond markets: Switzerland. There are many lessons that we have learned from investing in Swiss bonds over the years we can now apply to other markets that are experiencing Swiss-like bouts of illiquidity.
When it comes to less liquid bond markets, we know what to expect and how to deal with the problem.
Our experience of managing high-yield and emerging market debt – from the time when these were both niche markets – also puts us in a pretty good position. When it comes to less liquid bond markets, we know what to expect and how to deal with the problem.
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This marketing document is issued by Pictet Asset Management. It is neither directed to, nor intended for distribution or use by any person or entity who is a citizen or resident of, or domiciled or located in, any locality, state, country or jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. Only the latest version of the fund’s prospectus, the KIID (Key Investor Information Document), regulations, annual and semi-annual reports may be relied upon as the basis for investment decisions. These documents are available on assetmanagement.pictet.
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For US investors, Shares sold in the United States or to US Persons will only be sold in private placements to accredited investors pursuant to exemptions from SEC registration under the Section 4(2) and Regulation D private placement exemptions under the 1933 Act and qualified clients as defined under the 1940 Act. The Shares of the Pictet funds have not been registered under the 1933 Act and may not, except in transactions which do not violate United States securities laws, be directly or indirectly offered or sold in the United States or to any US Person. The Management Fund Companies of the Pictet Group will not be registered under the 1940 Act.
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