Swiss Bank Pictet’s Water Fund Boosted by Mideast Shortage
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Swiss bank Pictet & Cie.’s water fund is profiting from the Middle East’s need to buy the technology to make more seawater drinkable as companies such as Xylem Inc. and Danaher Corp. step up business in the region.
“The companies that we are invested in are doing more business in the Middle East,” Hans-Peter Portner, manager of the Pictet Asset Management SA’s fund, said in an interview in Abu Dhabi. “They’re selling pumps, they’re selling membranes. The region is definitely a growth market for water companies.”