Pictet Group, a two-century-old Swiss firm known for thematic investments, is making a significant move into the US market by launching its first exchange-traded funds (ETFs). Pictet Group is a wealth and asset manager headquartered in Geneva, Switzerland. The company provides asset management, wealth management, and related services. This launch includes three ETFs focused on artificial intelligence and the clean economy. The firm currently oversees $US893 billion ($1.4 trillion) in assets overall, with $US333 billion in its asset-management arm.
The move signifies Pictet’s ambition to compete in the competitive US ETF landscape, which boasts over 4,500 products. According to Liz Dillon, CEO of Pictet Asset Management US, this venture has been years in the making. Pictet opted for ETFs tailored to American investors, rather than replicating its existing European strategies or launching mutual funds.
Dillon noted the cultural hurdle in initially advocating for ETFs, given their more developed presence in the US compared to Europe. This strategic decision reflects a belief in the future of active ETFs and marks a shift for Pictet, traditionally known for its private banking and wealth management in Europe.
Pictet, currently a smaller player in US asset management with $US3.7 billion in assets as of August, joins firms like Man Group in offering ETFs to US investors. This capitalises on the expanding US ETF market, which is nearing $US13 trillion. The US has seen a surge in ETF launches this year, particularly in active strategies, which have experienced substantial asset growth since 2020.
