Lazard has taken a series of steps to improve its asset management arm, led by Evan Russo.Executives are close to hiring a new head of institutional sales, Insider has learned.in Russia last month, bankers up and down Wall Street were hunkered down, monitoring the situation.
The firm is making a series of changes to ramp up its asset management business. It has hired a top distribution executive into a key, newly created role from BlackRock, the firm that dominates the industry, it's nearing an announcement on hiring a new head of institutional sales, it's reorganized its fund distribution structure, and it's considering acquisitions in areas like private markets, executives told Insider.
"We're moving from a period of what I call stability to our next phase of growth, and we're setting the firm up for the opportunities ahead," said Russo, who joined Lazard in 2007 as a banker from Goldman Sachs. He had been Lazard's chief financial officer. "The goal is to be a part of the ecosystem that your clients live in, know who the big allocators are, what the trends are, and give our salespeople a better chance to have quality conversations with our clients," Ryan said.
A report from Morgan Stanley analysts in May examining some 90 public and private asset managers' net new money for 2022 showed Lazard near the bottom of the bunch. Lazard's performance was in front of only Abrdn, Virtus, Perpetual, Janus Henderson, Liontrust, Platinum, Ashmore, and Magellan.
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