Pictet Cuts Overweight on Turkish Corporates as It Monitors Lira
Pictet Asset Management SA, a leading European-based asset manager, is cutting its overweight stance on Turkish corporate bonds given the country's recent political unrest.
'We've kind of reduced exposures and probably are a bit more cautious,' said Sabrina Jacobs, a senior client portfolio manager at Pictet, which had £288 billion of assets ($373 billion) under management or custody as of last year. The fund manager has been reducing currency and local-bond positions and buying credit-default swaps, a widely-used credit risk-hedging tool, she said.
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