Pictet Funds has announced this week it is launching Pictet-Environmental Megatrend Selection, a euro denominated UCITS-III compliant fund of funds. The fund’s theme, as its name suggests, will be to invest in Pictet funds that fall within the following categories: water, clean energy, timber and agriculture. Philippe de Weck (pictured) will be managing the fund out of Pictet’s Geneva office. Details regarding fund size are not known at this stage, although the underlying investment universe totals some 1,000 small-to-mid cap companies located across both developed and emerging markets. Long-term growth potential in these environmentally focused areas will be “remarkable” according to Pictet’s official press release. The fund will also actively engage with Ethos, the Swiss Foundation for sustainable development, to use its expertise when approaching companies within its portfolio that it would like to see improve in line with the fund’s philosophy. "Given the increased demand from investors for environmental funds I would expect the industry to respond with new and innovative products,” says Pictet Head UK Sales, Paul Gaston.