WEST PALM BEACH, FL (HEDGECO.NET) – Lazard Asset Management [LAM] has announced plans to launch a new hedge fund in May, according to a press release. Robert Rowland, who was hired last year with thegoal of assisting the firm to build and refocus its hedge funds operations, would oversee the new product, a European equity hedge fund.
According to published reports, the new strategy will achieve investment assets in the range of US $200 million during the first few months following the launching of the fund.
LAM suffered a set back in 2003, following the departure of one of the firm�s key managers, William von Mueffling who left the company to pursue other interests. That departure also caused other staff defections according to published reports, and also precipitated investor redemptions and withdrawals.
Another key manager, Simon Roberts, head of UK equities recently left LAM taking up a job at Bluecrest Asset Management Company. LAM has hired other talents to assist the firm in rebuilding its hedge fund business, including a veteran hedge fund manager, Mr. Rowland; he has more than a decade experience managing hedge funds. In 2002, Rowland joined Bessent Capital, a New York based fund managed by Scott Bessent. Other managers such as, Ben Guest, Robert Cope and Jay Genzer, also departed from LAM and joined Cantillion Investments.
Assets managed by LAM have dwindled over the years, from about US $4 billion to currently about US $1.5 billion.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: [email protected]
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