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.