Internal conflict over how Lazards' alternative fund business fits with the firm's long-only operati...
Internal conflict over how Lazards' alternative fund business fits with the firm's long-only operations, together with remuneration issues, has lead to at least seven senior staff departures since Christmas.
Angus Parker, manager of the group's long-only pan-European portfolio, who left Lazards earlier this month, is the sole long-only manager to have left the group.
William von Mueffling, manager of the $1.2bn European Opportunities and $800m Worldwide Opportunities hedge funds, left the group in January. Robert Cope took over running the European fund after von Mueffling departed but himself left in early February. Tom Ellis, manager of the Pacific & Emerging Opportunities hedge portfolio, left in late January along with Ben Guest, manager of the Technology Opportunities hedge fund.
February has also seen the departure of Lazard managing director Rupert Tyer and the group's head of quantitative analytics, Simon Higgo. While expectations are the managers who have left the company will set up their own boutique, along with Tyer, it will be the summer before anything can be established.
Contracts with Tyer, Guest, Ellis, von Mueffling and Cope all include non-compete terms of at least six months' duration. However, Higgo has already set up a separate company. According to information at UK Companies House, the name Jura Capital was registered in October.
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