Why Pictet WM shuns feeder funds, retrocession fees in alts mandates

Goh Hui Yang, Pictet Wealth Management

Pictet Wealth Management (Pictet WM) has explicitly eschewed the practice of distributing products to capture placement or retrocession fees, betting instead on its commingled fund-of-funds vehicle, bespoke mandates and co-investment capability to offer clients diversified private-market exposure. “We don’t establish feeder funds just to channel client money into individual strategies. We view this as a complex asset class that requires a…

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