Lazards is reducing the growth bias in its Growth and Worldwide fund of funds following the departur...
Lazards is reducing the growth bias in its Growth and Worldwide fund of funds following the departure of previous manager John Chatfeild-Roberts last month, writes Fiona Henderson.
Since Chatfeild-Roberts left with his team to Jupiter, the management of his funds has been outsourced to IMS, headed up by Richard Timberlake.
Timberlake said: "Changes to the fund will be made gradually as we interview the fund managers of each holding. We have inherited stocks from Chatfeild-Roberts who we respect tremendously. His investment style is very similar to our own so only around 10-15% of the funds will be changed."
Among the funds Timberlake favours are Framlington Americn Growth, Invesco European Growth, Credit Suisse Income, ABN Amro UK Growth, Newton Income and Perpetual Income. The Lazards portfolios have not necessarily been outsouced to IMS on a permanent basis, according to Martin Holden, marketing director at Lazard Fund Managers.
He said: "They have been given an open-ended six-month contract to manage the funds. During this period, we will be deciding whether we want to recruit internally, recruit externally or continue with IMS and if so under what capacity. We are looking at all the various options but are very happy to have secured IMS to manage the funds."
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