According to reports in publication Investment Week, global finance firm Lazard is about to shut down several of its offshore funds as part of its preparations to enter into the European market. Rupert Tyer, managing director of Lazard, said: 'We want to modernise the product range ready for a more significant focus on our offshore business.'
Although Lazard will not publicly reveal which funds will be closed until all the investors are informed, it is expected that funds with the least assets under management will go first such as the Sterling Liquidity fund and Dollar Liquidity fund.
Lazard's original fund range is of 15 sub-funds in three separate Ucits platforms but the group will now bring all three onto one platform and condense the range into 11 or 12 portfolios maximum. When this process is completed, Lazard says it will attempt to register its funds with several European countries. It is expected that Lazard will sign up with Italy first and there are plans to approach Switzerland and then the Netherlands.
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