Swiss private bank Pictet has launched a thematic fund which will invest in agricultural stocks, following a fall of 45% in their value since the sector hit a peak last summer.

Pictet is keen to take advantage of better prospects for fund raising on the back of the market's recovery since March, although marketer Paul Gaston stressed Pictet prefers to launch thematic funds when sectors are out of favour, to take advantage of recovery prospects. The maximum capacity of the new fund is $4bn: Pictet refused to say how much money it expects to raise.