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Pictet soft-closes Robotics fund after hitting €3bn

Pictet soft-closes Robotics fund after hitting €3bn

Pictet Asset Management has soft-closed its dedicated robotics fund after the specialist equity strategy swelled to nearly €3 billion in assets in less than two years since launch, Citywire Selector has learned.

The Swiss asset manager chose to close the Pictet-Robotics fund, which was launched in July 2015, after seeing strong inflows into the fund, which had €2.9 billion in assets as of March 13.

It was launched in the summer of 2015 as a means of Pictet tapping the so-called ‘robotics revolution’, which includes advances in IT, cloud computing, new microprocessors and artificial intelligence.

In a statement to Citywire Selector, a spokesperson for Pictet said: ‘The board of directors of Pictet, together with the management company and the investment manager, has decided to limit new subscriptions into Pictet-Robotics, with effect 9 March 2017.

‘This decision has been taken to protect the interests of existing shareholders. Current subscriptions and pending commitments have brought the strategy assets close to capacity.’

Management of the fund is overseen by Karen Kharmandarian, who is a senior investment manager of thematic equites, and Peter Lingen, who joined from Swedbank, where he had overseen the Swedish firm’s technology fund.

Most recently the fund was added to Pictet’s thematic ‘best ideas’ fund, which was launched in October of last year to capture returns from collating the best investment opportunities from across the Swiss group’s entire thematics range.

In the period since launch, the Pictet-Robotics fund returned 20.5% in US dollar terms which compares with a 17.6% rise by its Citywire-assigned benchmark, the FTSE World TR USD, over the same timeframe.

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