Pictet Asset Management is to launch a new fund, which will be a global long/short credit vehicle pursuing a relative value credit spread strategy.

The Pictet Total Return-Kosmos Fund, which will be Luxembourg-domiciled and UCITS III-compliant, is to be managed by Raymond Sagayam and Kazik Swiderski, senior investment managers who joined Pictet in 2010 from Swiss Re Asset Management.

“This is a portfolio for all seasons. It aims to deliver credit alpha in all market conditions by investing in a wide range of global, largely liquid investment grade credit instruments. Typically, these strategies have a low correlation to long-only equities and corporate bonds, which provides attractive diversification properties for investors,” said Sagayam.

In other recent news, May saw the firm expand its northern Europe team with the appointment of Micael Hagelin as senior business development manager.

Pictet Asset Management managed €94 billion ($131 billion) in assets on 31 March 2011.