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Alternative Market Briefing

Unigestion: more focus on risks, less credit exposure

Thursday, July 09, 2015

Benedicte Gravrand, Opalesque Geneva:

Nicolas Rousselet, head of the hedge fund team and member of the executive committee at Unigestion, a Swiss institutional asset manager with around $17.8bn in AuM and 189 employees, has expected a fracture in the markets for a while. This is why his team tries as much as possible to diversify the risks that are already present in institutional portfolios.

"Our portfolio includes short duration investments and a small amount of beta," he recently said in an interview with Le Temps, a Swiss newspaper.

Liquidity in the fixed income market is very poor and decreases each day, and the CDS market is over, he says. So Unigestion has been reducing its credit exposure since last year. But on the sovereign bonds front, there will be opportunity as interest rates go up. Hedge funds are suffering from the low rates environment, and would benefit from a Fed’s rate hike, he notes, but he fears a lack of rates hike.

Unigestion is currently working on improving the breakdown of risk factors, which helps in their manager selection. Over the last two years, the firm has disinvested from managers who did not bring in enough value according to this analysi......................

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