Asset management
The main goal of our asset management is to preserve capital. Our risk management
style can be defined as asymmetric: as market sentiment worsens, our managers
rapidly reduce their exposure towards risky assets. While this approach can lead to
under-performance when markets rally, this strategy has proven to be a winner over
the long run, especially if we consider the performance as risk adjusted.
ASSET
MANAGEMENT
In the perspective of preservation of capital, our
strong points are:
•we consider ourselves particularly strong in
global bonds, and developed market equities.
• we consider ourselves first as risk managers
and then asset managers, carefully evaluating
each choice not only on the potential return,
but also taking into account the riskiness of
the investment.
• we actively manage currencies as we consider
them a potential source of alpha.
•we generally use simple instruments, such
as bonds and equities. Experience has taught
us that less transparent and comprehensible
instruments rarely add value over the long
term whilst making it more difficult to precisely
assess all risks involved.
• we invest directly only in markets and sectors
in which we have profound knowledge. Our
management team allows us to monitor those
markets that are of most interest to us. If our
macro-economic forecasts identify any inter esting opportunities outside our expertise, we
use external funds based on our ability in
manager selection.
ASSET
MANAGEMENT
Discretionary mandates
The variety of PKB’s mandates aims to offer a broad choice which allows clients to
meet all their typical requirements. We tailor our mandates based on the client’s
objectives, risk profile, reference currency (the majority of our mandates are in EUR,
USD and CHF) and to any specific request.
Types of mandate
Risk profiles
Aiming at strong personalisation, the client can
opt for a discretionary mandate, which requires
the bank’s management to comply with the
limits of the pre-chosen mandate and profile,
or else a non-discretionary mandate, on which
some investment restrictions are placed.
Lastly, a completely personalised, defined and
honed allocation is possible, which is agreed
with the client based on his/her requirements.
Income Plus
The least risky profile, which only invests in
bonds and cash. The manager can invest up
to 15% in FoHF (funds of hedge funds), flexible
funds or Total Return funds (the Open mandate
can invest up to 10% in High Yield bonds).
All our mandates comply with all directives provided by ASB (Swiss Bankers Association).
Our product range includes:
GPM (Gestione Patrimoniale Mobiliare)
A traditional mandate that invests in all instrument types (exluding high yield bonds).
Open
This is similar to the GPM mandate, but is characterised by a different risk profile as it can
invest in High Yield bonds, within the bank’s risk
philosophy.
GPF (Gestione Patrimoniale in Fondi)
This mandate replicates the bank’s strategy
using exclusively best-in-class funds, selected
by our specialists
Flexible
The security selection is made by the private
banker together with the client within the universe of financial instruments approved by our
Asset Management team and always in compliance with the bank’ s strategy.
Defensive
At least 70% of the portfolio is invested in bonds
and cash. Up to 25% can be invested in equities, up to 10% in commodities and up to 25%
in FoHF, flexible or Total Return funds (the Open
mandate can invest up to 15% in High Yield
bonds).
Balanced
At least 40% of the portfolio is invested in bonds
and cash. Up to 50% can be invested in equities, up to 10% in commodities and up to 50%
FoHF, flexible funds or Total Return funds (the
Open mandate can invest up to 30% in High
Yield bonds).
Equities
This is the most aggressive profile: the only
limits regard commodities (10%) and FoHF,
flexible funds or Total Return funds (50%) (the
Open mandate can invest up to 50% in High
Yield bonds).
Advisory
PKB also offers an Advisory service. This mandate is aimed at clients who usually
make their investment choices independently and who, regularly or occasionally,
desire proactive investment advice. The latter is offered by a team of dedicated
professionals, with particular focus on the traditional asset classes (equities, bonds,
funds, derivative instruments and forex).
The service provides two levels of interaction with the client, calibrated to their individual
requirements:
Advisory
Advisory Premium
The relationship manager will remain the client’s
main reference, and will advise and assist the
client on all matters.
This is aimed at clients who require more
proactive advice. In addition to the relationship
manager, the client has direct access to the
Advisory Desk specialists who will be available
for a regular analysis of what is happening on
the markets and to discuss any personalized
investment solutions.
The client will receive an update on the performance of the markets monthly and a regular
portfolio analysis.
The client can receive a daily information flow
from the advisory desk and, selectively, can
also receive investment suggestions. Regular
analysis and monitoring of the portfolio are part
of this mandate.
ADVISORY
Investment funds / Products
PKB’s management team is also responsible for the management of the numerous
funds and products offered both inhouse and open to outside investors.
PKB created the Planetarium Fund in 1997,
a Luxembourg Sicav that raised a billion Euro,
with 24 sub-funds.
These sub-funds are managed by four managers: PKB, Anthilia Asset Management Company (Milan), Queluz Asset Management (Rio de
Janeiro) and Riverfield Partners (London) and
cover various asset classes and/or strategies:
bonds in euro, dollars, South American currencies, European and international equities, Total
Return funds, traditional strategic funds, funds
of funds, etc.
Furthermore, PKB manages a Sicav, the Hypo
Portfolio Selection Sicav, with two sub-funds,
one focused on equities and one macro defensive.
Lastly, PKB manages two structured products,
Global Equity Trading Ideas, which invests in
worldwide equities, and European Real Estate
Basket, which invests in the real estate sector
in Europe.
PKB offers its clients and external clients the
possibility of accessing the Group’s expertise
with this range.
Contacts
Giovanni Castellino
Group Asset Management Head
Giovanni Rickenbach
Strategy Head
Telephone +41 (0)91 913 37 65
[email protected]
Andrea Gerli
Advisory Head
Telephone +41 (0)91 913 37 62
[email protected]
FUNDS
Telephone +41 (0)91 913 48 45
[email protected]