By STEPHEN MARRIOTT 25/11/2008
Lazard Asset Management have announced that Tony Willis, their Managing Director and Head of UK Equities, has decided to retire from the firm. He has been with the group for nine years and been the joint manager for Lazard’s flagship fund Lazard UK Alpha since its launch in November 1999.
Alan Custis, the existing co-manager, will be joined by Alan Clifford and both managers will be principally responsible for Lazard UK Alpha and Lazard UK Omega. Willis will remain with the firm until February 2009 to assist the team with the transition of responsibilities.
Recommendation
We downgraded the fund to 1 star (sell) in March of this year as we were concerned that the incumbent managers were failing to add value. As a result of Willis’ impending departure, we have removed the 1 star rating. We suggest that those holders who have not already sold should switch to a core UK fund with a more consistent management team.
Our core UK recommendations include Cazenove UK Growth & Income, Artemis Income and Blackrock UK Dynamic.