Lazard Opens L/S Tech Strategy To Outside Investors

Nov 21 2007 | 9:35am ET

Lazard Asset Management last month opened its TMT Advantage strategy, a global long/short vehicle investing in technology, media and telecom, to outside investors. The firm has been trading it internally since mid-2005.

Kris Haber, a managing director at Lazard, said the strategy’s “return pattern has been in the high teens” since inception and characterized interest from potential investors as “strong.” The firm is marketing the fund to institutional investors in the U.S., Europe and Asia.

“The strategy is flexible in terms of the types of names up and down the cap spectrum and across geographies. It is not designed to be market neutral so it can take on market exposure,” said Haber. “We believe that TMT is fundamentally very attractive relative to its positioning over the last 10 years. This strategy invests in both growth at a reasonable price and value-oriented opportunities.”

Lazard hopes to raise some $200 million for the fund, which is co-managed by Kevin Smithen and Anand Srinivasan, who joined the firm from Merrill Lynch last month.

In June, the firm also launched Lazard Rathmore, which invests in special situations, events and convertible securities. The strategy is headed by Sean Reynolds, who joined the firm in April from SAC Capital Management where he managed the firm’s relative value portfolios. He has also managed convertible arbitrage portfolios for Sailfish Capital Partners and the Clinton Group.

Haber declined to disclose performance and assets under management figures for both strategies citing regulatory restrictions.

Lazard managed $4 billion in alternative investments assets as of the end of September.


In Depth

Whisky Business: The Ultimate Liquid Alternative Investment

Sep 15 2014 | 7:02am ET

David Robertson knows his single-malt whisky—he was the Master Distiller at the...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.