Lazards is to close down several of its offshore funds as part of a rationalisation of its various D...
Lazards is to close down several of its offshore funds as part of a rationalisation of its various Dublin-domiciled and FSA-recognised Ucits umbrellas in preparation for a marketing push into Europe at the start of next year.
Rupert Tyer, managing director of Lazards, said: "We want to modernise the product range ready for a more significant focus on our offshore business."
The group will not announce which funds are to be closed until it has written to investors, but the Sterling Liquidity fund and the Dollar Liquidity fund are looking strong contenders due to the small size of assets under management .
As first reported in Investment Week, Lazards has a range of 15 sub-funds in its three separate Ucits platforms and wants all three brought onto one platform and rationalised as some of the funds are small, less than £10m, and others in some measure duplicate other funds' investment mandates. It is understood the intention is to slim the range down to 11 or 12 portfolios.
Once the range has been streamlined, Lazards intends to apply to various European countries for registration of its funds. Italy will be the first country, joining Germany and Austria as key European markets for the company. Other countries that will be looked at include Switzerland and the Netherlands.
Under the Lazard Global Bond Fund umbrella, there are five portfolios, including the Lazard Sterling High Income and the Lazard European High Yield funds.
Within the Lazard Global Equity Fund structure there are eight equity portfolios including its European, North American and Japan vehicles.
The Lazard Liquidity Fund Plc has just two sub-funds the Lazard Dollar Liquidity and Lazard Sterling Liquidity funds, which both invest in mixed baskets of fixed interest.
The Lazard Global Equity Fund will be used as the platform for the condensed range.
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