An Introduction to Lazard Asset Management
An Introduction Lazard Asset Management Lazard Asset Management provides investment management and advisory services to institutional clients, financial intermediaries, private clients, and investment vehicles around the world. We invest in a wide selection of equity, fixed income, and alternative investments with the goal of producing superior risk-adjusted investment returns and providing investment solutions customized for our clients. Our primary distinguishing features include: • A global footprint characterized by global research, a global investment platform, and global clients • A broad-based team of more than 300 investment personnel worldwide • Dedicated in-house research, including those focusing on global sector research and those dedicated to specialty portfolios • A focus on security selection in the investment process • Distribution across multiple channels • A strong commitment to excellence With over $178.4 billion in assets under management¹, we have 20 offices located in over 14 countries. Lazard Asset Management’s business uses a global investment platform that focuses on managing assets for our clients. As a result, throughout all market environments, we maintain a disciplined approach to investing with a research-driven investment process focusing on financial productivity and valuation. We believe there are substantial opportunities for investors to invest in companies with healthy balance sheets and sustainable returns. NORTH AMERICA EUROPE Boston Chicago Montreal New York Radnor San Francisco Toronto Dublin Frankfurt Hamburg London Milan Zurich Hong Kong Seoul Singapore Sydney Tokyo Dubai Manama ASIA PACIFIC MIDDLE EAST Key Features Research is at the Heart of Our Investment Process • Depth of analytical expertise • Differentiated insight • Outstanding access Prudent Risk Management • Evaluate intended versus unintended risk • Independent risk management team • Detailed attribution Disciplined Approach to Investing • Diversify sources of alpha to manage risk • Accounting validation • Seek to produce an expected pattern of returns • Focus on cash flow, return on capital, and valuation • Thorough understanding of assumptions and uncertainties Size is an Advantage • Global breadth and depth • Partnership between portfolio managers and research analysts Robust Management of Our Most Important Resource: Our People • Clear definition of success for each individual • Transparent compensation linked to portfolio performance Lazard Asset Management Lazard Investment Strategies2 Global Multi-Regional Local Emerging Markets EQUITIES Mainstream/ Benchmark Aware • Global Equity Income • Global Small Cap Equity • Equity Advantage -- Global, Global Small Cap • International Equity • International Small Cap Equity • European Equity • European Small Cap Equity • Equity Advantage -- ACW ex-US, ACW ex-US Small Cap -- EAFE, EAFE Small Cap -- European, European Small Cap, Eurozone • US Equities -- Value, Small-Mid Cap, Mid Cap, Concentrated Small Cap Growth • UK Equities -- Alpha, Omega, Diversified, Income, Small Cap • Australian Equity • Japanese Equity • Korean Equity • Advantage Equity -- UK Equity, Asia Pacific ex-Japan • Asia ex-Japan Equity • Emerging Markets Equity • Developing Markets Equity • Latin American Equity • Equity Advantage -- Emerging Markets Benchmark Unaware • Global Equity Focus • Global Equity Select • Global Strategic Equity • Global Thematic Equity • Global Trend • Global Discounted Assets • International Equity Concentrated • International Equity Select • International Strategic Equity • International Discounted Assets • Euro Equity Total Return • European Equity Select • European Trend • US Equity Select • US Equity Concentrated • US Strategic Equity • Select Australian Equity • Japanese Strategic Equity • US Equity Blend • Asia ex-Japan Strategic Equity • Emerging Markets Equity Select • Emerging Markets Core Equity • Developing Markets Equity Select • Emerging Markets Discounted Assets • Emerging Markets Equity Blend • Middle East/North Africa (MENA) Targeted Risk/Return • Global Listed Infrastructure • Global Franchise • Lazard Capital Allocator Series (LCAS) • Global Balanced • Global 130/30 • Global Managed Volatility • Global Controlled Volatility • Global Multi Asset • Global Real Estate Securities • European Balanced • International Real Estate Securities • US Balanced • US Real Estate Securities • US Real Estate Income • UK Balanced • Emerging Markets Multi Asset • Emerging Markets Balanced • Emerging Markets Small Cap Equity FIXED INCOME • Global Core Fixed Income -- Core, Core Plus • Euro Short Term Fixed Income • Euro Absolute Return Fixed Income • Euro Corporate Fixed Income • Euro High Quality Fixed Income • Euro Duration Overlay • European High Yield • International Fixed Income • US Dynamic STAM • US Core Fixed Income -- Core, Core Plus, Intermediate Core • US High Yield • US Tax Exempt • UK Aggregate Bond • UK Corporate Bond • Emerging Income • Emerging Markets Debt -- Core -- Local Debt -- Blend -- Total Return -- Corporate ALTERNATIVE INVESTMENTS • Rathmore • Lazard Capital Allocator Series (LCAS) – Non-Traditional • Global Hexagon • Master Alternatives • Fundamental Long/Short • Japan Vela • Emerging Income Plus • Emerging Markets Multi Asset Long/Short • Emerging Markets Strategies (FoHF) Notes 1 As of 31 December 2014. Assets include those of Lazard Asset Management LLC (New York) and its affiliates, but do not include those of Lazard Frères Gestion (Paris) or other asset management businesses of Lazard Ltd. 2 This information is for illustrative purposes only and should not be considered an offer or solicitation with respect to any product managed by Lazard. Important Information Published on 10 February 2015. This report is being provided for informational purposes only. It is not intended to be, and does not constitute, an offer to enter into any contract or investment agreement in respect of any product offered by Lazard Asset Management, and shall not be considered as an offer or solicitation with respect to any product, security, or service in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or unauthorized or otherwise restricted or prohibited. The information and opinions presented in this report have been obtained from sources believed by Lazard Asset Management to be reliable. Lazard Asset Management makes no representation as to their accuracy or completeness. All opinions and estimates expressed herein are as of the published date, and are subject to change. This material is for informational purposes only. It is not intended to, and does not constitute financial advice, fund management services, an offer of financial products or to enter into any contract or investment agreement in respect of any product offered by Lazard Asset Management and shall not be considered as an offer or solicitation with respect to any product, security, or service in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or unauthorized or otherwise restricted or prohibited. Australia: FOR WHOLESALE INVESTORS ONLY. Issued by Lazard Asset Management Pacific Co., ABN 13 064 523 619, AFS License 238432, Level 39 Gateway, 1 Macquarie Place, Sydney NSW 2000. Dubai: Issued and approved by Lazard Gulf Limited, Gate Village 1, Level 2, Dubai International Financial Centre, PO Box 506644, Dubai, United Arab Emirates. Registered in Dubai International Financial Centre 0467. Authorised and regulated by the Dubai Financial Services Authority to deal with Professional Clients only. Germany: Issued by Lazard Asset Management (Deutschland) GmbH, Neue Mainzer Strasse 75, D-60311 Frankfurt am Main. Hong Kong: Issued by Lazard Asset Management (Hong Kong) Limited (AQZ743), Unit 30, Level 8, Two Exchange Square, 8 Connaught Place, Central, Hong Kong. Lazard Asset Management (Hong Kong) Limited is a corporation licensed by the Hong Kong Securities and Futures Commission to conduct Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities. This document is only for “professional investors” as defined under the Hong Kong Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and its subsidiary legislation and may not be distributed or otherwise made available to any other person. Japan: Issued by Lazard Japan Asset Management K.K., ATT Annex 7th Floor, 2-11-7 Akasaka, Minato-ku, Tokyo 107-0052. Korea: Issued by Lazard Korea Asset Management Co. Ltd., 10F Seoul Finance Center, 136 Sejong-daero, Jung-gu, Seoul, 100-768. Singapore: Issued by Lazard Asset Management (Singapore) Pte. Ltd., 1 Raffles Place, #15-02 One Raffles Place Tower 1, Singapore 048616. Company Registration Number 201135005W. This document is for “institutional investors” or “accredited investors” as defined under the Securities and Futures Act, Chapter 289 of Singapore and may not be distributed to any other person. United Kingdom: FOR PROFESSIONAL INVESTORS ONLY. Issued by Lazard Asset Management Ltd., 50 Stratton Street, London W1J 8LL. Registered in England Number 525667. Authorised and regulated by the Financial Conduct Authority (FCA). United States: Issued by Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, NY 10112. HB12417
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