Lazard Asset Management show

Lazard Asset Management

Summary: Lazard Insights Conference Calls are part of an ongoing series of conference calls discussing timely issues in today's market. The calls are not specific to any Lazard product, and are designed to bring value-added insights to clients and prospects and to promote our intellectual capital. Lazard Insights Conference Calls are part of an ongoing series of conference calls discussing timely issues in today's market. © 2013 Lazard Asset Management LLC

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  Is Global Diversification Dead? | File Type: audio/mpeg | Duration: 27:29

Recent capital market strength has been narrowly focused on a few regions and has been dominated by the US equity market. As ongoing economic challenges remain in individual regions and geopolitical events continue to affect the market, we believe it is constructive to reassess the fundamental principles of a globally diversified portfolio. Please join David Cleary, lead Portfolio Manager/Analyst of Lazard's global asset allocation platform, as he discusses current market conditions and the outlook for global asset allocation. Featured Speaker: David Cleary, CFA Managing Director, Portfolio Manager/Analyst Lazard Asset Management LLC (New York) David Cleary is a Managing Director of Lazard Asset Management LLC. David provides oversight and management to Lazard's US-based fixed income and asset allocation platform. Additionally he is directly responsible for the management of the Lazard Capital Allocator Series ("LCAS"). LCAS is a global tactical asset allocation investment strategy. David works on asset allocation modeling and total portfolio risk management and is a member of the LCAS Advisory Board. He is also a member of the Lazard Investment Council. Previously, he spent nine years as a senior fixed income portfolio manager at Lazard with a focus on risk control, sector allocation and total portfolio management. David began working in the investment field in 1987. Prior to joining Lazard in 1994, David worked as a portfolio manager with Union Bank of Switzerland and an assistant treasurer with IBJ Schroeder, both primarily in fixed income asset management. He has a BS from Cornell University.

  The Evolution and Divergence of Emerging Markets and What It Means to Asset Allocators | File Type: audio/mpeg | Duration: 33:46

Over the last decade, the emerging markets have evolved dramatically. With deeper capital markets, a developing domestic consumer base, and fewer regulatory hurdles for global investors today, the opportunity set has increased significantly. However, many emerging markets investors are focusing solely on the most commonly used equity benchmark, the MSCI Emerging Markets Index, which we believe is in many ways a sub-optimal representation of the opportunity set offered by the asset class. Please join Jai Jacob, Portfolio Manager/Analyst on Lazard's Multi Strategy team, for a discussion on the broad investment opportunities in the emerging markets and a flexible approach aimed at capturing them. Featured Speaker: Jai Jacob Managing Director, Portfolio Manager/Analyst Lazard Asset Management LLC (New York) Jai Jacob is a Managing Director and Portfolio Manager/Analyst, leading the Lazard Multi Strategy investment team. Prior to joining the Multi Strategy investment team, Jai worked in Global Risk Management, Fixed Income, Quantitative Technology and Settlements. He led the development of Lazard's proprietary Risk Analysis system, and has built quantitative analytical tools for over 40 Lazard investment strategies. Jai began working in the investment field in 1998 upon joining Lazard. He has a BA from Cornell University.

  Equity Income in a Low-Yield World | File Type: audio/mpeg | Duration: 25:36

In a low interest rate environment, many investors continue to move away from traditional fixed income toward dividend-paying equities in their quest for yield. However, the focus on safety and the home market bias of many US investors has caused the more defensive area of the global market to become overpriced. Please join Patrick Ryan, Portfolio Manager/Analyst, as he discusses the recent trend in which defensive stocks have outperformed, as well as how cyclical and defensive income stocks tend to trade over the long term. Additionally, Patrick will discuss why an unconstrained approach that looks beyond traditional high-yielding stocks (i.e., large, mature, and defensive companies) can potentially maximize capital appreciation along with income. Featured Speaker: Patrick Ryan, CFA Managing Director, Portfolio Manager/Analyst Patrick Ryan is a Managing Director of Lazard Asset Management and a Portfolio Manager/Analyst on the Global Equity Income and Global Equity Select teams. Prior to joining Lazard in February 1994, Pat was an equity analyst with Hutson Management. He began working in the investment industry in 1989. Pat has a BS in Industrial Engineering from Columbia University School of Engineering and Applied Science.

  Capturing Opportunities with Emerging Markets Small Caps | File Type: audio/mpeg | Duration: 29:43

Emerging markets small-cap stocks remain an underinvested area of the market. However, we believe the emerging markets small-cap universe represents fertile ground for attractive investment opportunities today. Please join Alex Ingham, Portfolio Manager/Analyst, as he examines this vast universe, which currently has low dedicated analyst coverage, a greater number of opportunities in consumer sectors, and tends to be less susceptible to government intervention when compared to large caps. Featured Speaker: Alex Ingham Director, Portfolio Manager/Analyst Alex Ingham is a Portfolio Manager/Analyst on the Emerging Markets, International, and Global Small Cap Equity teams. He began working in the investment field in 1996. Prior to joining Lazard in 2011, Alex was Head of Emerging Market Equities at Aviva Investors (formerly Morley Fund Management) where he managed emerging markets small cap equity portfolios. Prior to that, he was a fund manager for North American equities with the same firm. Prior to Aviva, Alex was Head of North American Equities at Aberdeen Asset Management. He also worked at Hill Samuel Asset Management and City Financial Partners Limited. Alex has a BSc (Hons) in Psychology from the University of Bristol. Alex is an associate member of the IIMR (Institute of Investment Management and Research) and has a diploma from the European Federation of Financial Analysts Societies. As well, he has a CII (Chartered Insurance Institute) Financial Planning Certificate (Parts 1 and 2).

  European Equities: From Crisis to Rebirth | File Type: audio/mpeg | Duration: 35:25

Over the last three years, European equity markets have been severely punished, and many observers have made the case for Europe's economic disintegration. However, the fiscal and economic union remains largely intact today, and structural reforms have begun yielding results throughout the region. We believe Europe is now in a firmer position to withstand bouts of fear and volatility than it has been in recent history. In addition, we feel many companies in the continent represent compelling opportunities, as they have strong fundamentals despite investor risk aversion. Please join Barnaby Wilson, Portfolio Manager/Analyst on Lazard's European Equity team, as he examines the current investment environment and implications for investors Featured Speaker: Barnaby Wilson, CFA Director, Portfolio Manager/Analyst Lazard Asset Management Limited (London) Barnaby Wilson is a Portfolio Manager/Analyst on the European Equity team. He began working in the investment field in 1998. Prior to joining Lazard in 1999, he worked for Orbitex Investments. He became a member of the European Equity team in January 2006, graduating from the role of research analyst. Barnaby has a BA (Hons) in Mathematics and Philosophy from Balliol College, Oxford University.

  Trade-Offs in Liquid Alternatives: The Currents beneath the Surface | File Type: audio/mpeg | Duration: 35:36

Price and liquidity dislocations occurred in many asset classes both during and after the financial crisis. Hedge funds were not immune and as a result, so-called liquid alternatives, or vehicles attempting to mirror hedge fund returns and volatility but with greater liquidity, have proliferated. The structure of capital markets has also changed as a result of the crisis both in terms of trading volume and investor flows. Thus, we believe the risks and opportunities of liquid alternatives deserve a closer look amid this new landscape. Please join Chris Heasman, Portfolio Manager/Analyst on Lazard's Fund of Hedge Funds team, as he discusses key investment considerations for liquid alternatives. Featured Speaker: Chris Heasman Director, Portfolio Manager/Analyst Lazard Asset Management LLC (New York) Chris Heasman is a Portfolio Manager/Analyst on the Fund of Hedge Funds team and a member of the Fund of Hedge Funds Investment Committee. He began working in the investment field in 1979. His capital markets experience includes leading global principal trading and risk positioning businesses with direct P&L and capital allocation responsibilities across multiple asset classes. Prior to joining Lazard in 2001, Chris led the development and portfolio management of JP Morgan Investment Management's Hedge Fund Group's Structured Hedge Fund products. Previously he worked with CIBC, Banque Indosuez, CitiNational (Citibank) and Capel Court Corporation. He also held a membership of the Sydney Futures Exchange where he operated for many years as an independent option market maker. He was an advisor to the Board of Directors of the Sydney Futures Exchange for 10 years and was responsible for the design of many of the financial futures and options contracts traded on that exchange.

  2013 Global Overview: Incremental Change and Clarity | File Type: audio/mpeg | Duration: 37:04

Despite investors' fears, the "black swan" events of 2012 failed to materialize. As we look ahead in 2013, the clarity gained by the unfolding of key economic and political events will likely allow for incremental changes in economic factors and government policy to drive markets. We believe investors who refuse to engage in volatility or wait on the sidelines for clear skies and grand bargains to take shape will be left behind, as the risk-on/risk-off cycles of 2012 have opened significant valuation opportunities across asset classes, regions, and sectors. Please join David Cleary, lead Portfolio Manager/Analyst of Lazard's global asset allocation platform, as he discusses these issues and the road ahead. Featured Speaker: David Cleary, CFA Managing Director, Portfolio Manager/Analyst Lazard Asset Management LLC (New York) David Cleary is a Managing Director of Lazard Asset Management LLC. David provides oversight and management to Lazard's US-based fixed income and asset allocation platform. Additionally he is directly responsible for the management of the Lazard Capital Allocator Series ("LCAS"). LCAS is a global tactical asset allocation investment strategy. David works on asset allocation modeling and total portfolio risk management and is a member of the LCAS Advisory Board. He is also a member of the Lazard Investment Council. Previously, he spent nine years as a senior fixed income portfolio manager at Lazard with a focus on risk control, sector allocation and total portfolio management. David began working in the investment field in 1987. Prior to joining Lazard in 1994, David worked as a portfolio manager with Union Bank of Switzerland and an assistant treasurer with IBJ Schroeder, both primarily in fixed income asset management. He has a BS from Cornell University.

  The Interest Rate Conundrum | File Type: audio/mpeg | Duration: 29:22

Interest rates in the United States remain at historical lows. The combination of aggressive US Federal Reserve policy, underwhelming growth, and economic uncertainty is causing dislocations in fixed income markets. Flows into bond markets remain historically high despite limited upside and the increasing potential for negative total returns. Please join Joe Ramos, Managing Director and Portfolio Manager/Analyst on Lazard's US Fixed Income Team, for a discussion about key investment considerations and portfolio implications in anticipation of an environment of rising interest rates. Featured Speaker: Eulogio (Joe) Ramos Managing Director, Portfolio Manager/Analyst Joe Ramos is a Portfolio Manager/Analyst on the US Fixed Income team. He began working in the investment industry in 1978. Prior to joining Lazard in 2006, Joe was the Chief Investment Officer of Ambac Financial Group, Inc., where he was responsible for the oversight and management of Ambac's investment strategies, including the Excess Liquidity, Core Capital, Plus, and levered LIBOR+ LDI portfolios. Previously, Joe was a member at E.H. Capital Group, LLC, a Senior Vice President and Portfolio Manager at Lazard Asset Management, a First Vice President and Senior Portfolio Manager at Lehman Management Co., and a Senior Analyst in the Lehman Brothers Kuhn Loeb Fixed Income Research Department. He has a BS from New York University. Joe Ramos is a member of the CFA Institute, the NYSSA and the Economic Club of New York.

  Investing Beyond Sovereigns: Emerging Markets Corporate Debt | File Type: audio/mpeg | Duration: 28:47

Over the last two decades, emerging-market (EM) countries have constructed a solid macroeconomic foundation, as witnessed by stronger GDP growth, improved control of inflation, and more accessible capital markets. In addition, EM companies have developed healthy fundamentals, leading to significant advancements in the corporate-debt market. As a result, EM corporate bonds have evolved, and have garnered attention as a notable component of global portfolios. Emerging markets corporate debt is one of the fastest-growing areas of the EM space. It currently offers higher spreads, and on average produces a higher yield than its developed-market counterparts. Please join Arif Joshi, Portfolio Manager/Analyst on Lazard's Emerging Markets Debt team, as he examines this growing investment opportunity set and discusses implications for investors. Featured Speaker: Arif T. Joshi, CFA Managing Director, Portfolio Manager/Analyst Arif Joshi is a Portfolio Manager/Analyst on Lazard's Emerging Markets Debt team. He began working in the investment field in 1998. Prior to joining Lazard in 2010, Arif was with HSBC Asset Management (formerly Halbis) where he served as Senior Vice President and Portfolio Manager. At HSBC, Arif was responsible for global emerging markets, focusing on corporate and sovereign credit analysis, risk management and quantitative modeling. He began this role at The Atlantic Advisors LLC (acquired by HSBC in 2005). Prior to HSBC, he was an associate at Strategic Management Group where he advised Fortune 500 companies on finance and corporate strategy. Arif has an MBA in Finance from Columbia Business School and a BS in Economics from the Wharton School at the University of Pennsylvania.

  What Would Be a "Good" Landing for China? | File Type: audio/mpeg | Duration: 34:04

China has posted impressive GDP growth for several decades and has emerged as one of the world's leading economic powers. Given its important contribution to global growth, the recent economic slowdown in the face of a major decennial transition of power has focused investors' attention on the risks and opportunities there. As China downshifts to a slower secular rate of growth, the inevitable bumps in that path are often mere interruptions ("soft landings") and occasionally more severe ("hard landings"). While not strictly defined, these terms imply a polarity of outcomes that may impede investors' ability to recognize the longer-term opportunity in China. Featured Speaker: Thomas M. McManus Managing Director, Portfolio Manager/Analyst Tom McManus is a Managing Director and Portfolio Manager/Analyst on the Lazard Multi Strategy investment team, specializing in macroeconomic forecasting and asset allocation. He began working in the investment field in 1980. Prior to joining Lazard in 2010, Tom was Managing Director and Chief Investment Officer of Wells Fargo Advisors. Previously, Tom was Managing Director and Chief Investment Strategist at Bank of America Securities LLC. Tom started his career at Morgan Stanley in 1980 in strategic planning and equity derivatives. From 1983 to 1991, he was a member of the Global Equity Derivatives department at Goldman Sachs. Tom has a BS in Operations Research from Columbia School of Engineering and Applied Science, where he is a member of the advisory board for the program in Financial Engineering. He is also a non-voting member of the Lazard Capital Allocator Series ("LCAS") Advisory Board, as well as a member of the Speaker Retainer program at the CFA Institute.

  Back on Solid Ground: The U.S. Housing Recovery Has Begun | File Type: audio/mpeg | Duration: 33:33

The latest readings on U.S. house price indices point to a positive inflection after almost six years of downside. A sustained upturn in the housing market, even if it is moderate as we expect, would have profound implications for consumers and for economic growth. Please join Ron Temple, a leading authority on the ongoing financial crisis and Managing Director, Portfolio Manager/Analyst on Lazard's Global Equity Select and U.S. large cap strategies as he discusses the implications of a housing market recovery on the U.S. economy and the investment implications thereof. Featured Speaker: Ronald Temple, CFA Managing Director, Portfolio Manager/Analyst Ronald Temple is a Portfolio Manager/Analyst on our large cap U.S. equity teams, as well as the Global Equity Select team. He is also Co-Director of Research and has primary research coverage of the financials sector. Ron is a leading authority on the ongoing financial crisis. He joined Lazard in 2001 with ten years of global experience including fixed income derivative trading, risk management, corporate finance and corporate strategy in roles at Deutsche Bank AG, Bank of America NT & SA and Fleet Financial Group in London, New York, Singapore, San Francisco and Boston. Ron has an MPP from Harvard University and graduated magna cum laude with a BA in Economics & Public Policy from Duke University. Ron serves as a trustee of the Link Community School in Newark, New Jersey and is a member of the Trinity Board of Visitors at Duke University.

  Understanding the Risks of Investing for Income | File Type: audio/mpeg | Duration: 29:07

In the early 1980s, the Federal Funds target rate was approximately 20% and, for the next 20 years, 10-year U.S. Treasury yields were rarely below 6%. During this time, income-seeking strategies were supported by strong growth, little impairment, and a high level of liquidity. Today, with the Federal Funds target rate between 0% and 0.25%, income-oriented investors are forced to take more risk in order to meet desired income targets. Please join Christopher Komosa, Portfolio Manager on Lazard's asset allocation strategies team, as he discusses the origins, evolution, and trade-offs of investing for income, and the implications that these factors have on portfolio construction. Featured Speakers: Christopher Komosa, CFA Senior Vice President, Portfolio Manager/Analyst Christopher Komosa is a Senior Vice President of Lazard Asset Management LLC. He is a Portfolio Manager/Analyst on the Lazard Capital Allocator Series ("LCAS") team and is a member of the LCAS Advisory Board. LCAS is a global tactical asset allocation investment strategy. Chris began working in the investment field in 1986. Prior to joining Lazard in 2006, Chris held positions as a portfolio manager at Permal Asset Management and Pinnacle International Management. Previously he was a hedge fund manager/analyst at Caxton Associates and Graham Capital. Chris has an MBA from the Darden School at the University of Virginia and a BA in Economics from Washington and Lee University .

  U.S. Healthcare Reform: Drivers, Economics, and the Supreme Court | File Type: audio/mpeg | Duration: 31:21

In late March, the U.S. Supreme Court will hear arguments regarding the constitutionality of the recently passed healthcare legislation. In this call, we discuss our views on why healthcare reform was enacted, the economics surrounding the sector, and what impact the Supreme Court ruling may have for investors. Please join Lazard's principal healthcare industry specialists, Ross Seiden, Vice President, Research Analyst and Rhett Brown, Director, Research Analyst, as they look beyond the headlines and provide insight around healthcare reform and its implications for long-term investing. Featured Speakers: H. Ross Seiden Vice President, Research Analyst Ross Seiden is a Vice President and Research Analyst on the healthcare sector team. He began working in the investment field in 2006. Prior to joining Lazard in 2010, Ross was with Credit Suisse where he started as an Equity Research Analyst and later became an Equity Research Associate covering multinational banks and capital markets firms. Ross has a BBA in Finance and Accounting from the Ross School of Business at the University of Michigan. He holds FINRA Series 7, 63, 86, and 87 licenses. Rhett E. Brown, CFA Director, Research Analyst Rhett Brown is a Director and Research Analyst on the healthcare sector team. He began working in the investment field in 1996. Prior to joining Lazard in 2005, he was an Assistant Vice President in Equity Research at Deutsche Bank Securities and an Equity Research Associate at Volpe Brown Whelan & Company. Previously, Rhett was an Account Representative at Amersham Life Science, a Marketing Specialist in the Applied Biosystems Division of Perkin Elmer and a Research Assistant at Immulogic Pharmaceutical Corporation. Rhett has an MBA (Hons) in Finance from the Wharton School, University of Pennsylvania and a BS (Hons) in Biological Sciences from Stanford University. He is a member of the Security Analysts of San Francisco.

  A Broader Context for Understanding Bubbles, Crises, and Panic | File Type: audio/mpeg | Duration: 25:55

Since 1997, investors have experienced a series of bubbles, crises, and panic, which have caused market volatility and unintended consequences as capital has shifted rapidly between perceived risk and perceived safety. We believe that opportunities exist for those investors who can draw from history and challenge conventional wisdom amid today's market environment. Please join David Cleary, Managing Director and Portfolio Manager/Analyst, and an experienced global asset allocation professional, as he provides his perspective on the macroeconomic environment for 2012 and where he sees opportunity beyond the bubbles. Featured Speaker: David Cleary Managing Director, Portfolio Manager/Analyst David Cleary is a Managing Director of Lazard Asset Management LLC. David provides oversight and management to Lazard's U.S.-based fixed income and asset allocation platform. Additionally he is directly responsible for the management of the Lazard Capital Allocator Series ("LCAS"). LCAS is a global tactical asset allocation investment strategy. David works on asset allocation modeling and total portfolio risk management and is a member of the LCAS Advisory Board. He is also a member of the Lazard Investment Council. Previously, he spent nine years as a senior fixed income portfolio manager at Lazard with a focus on risk control, sector allocation and total portfolio management. David began working in the investment field in 1987. Prior to joining Lazard in 1994, David worked as a portfolio manager with Union Bank of Switzerland and an assistant treasurer with IBJ Schroeder, both primarily in fixed income asset management. He has a BS from Cornell University.

  Opportunity, Austerity, Growth and Inflation:The Road Ahead | File Type: audio/mpeg | Duration: 47:08

2011 was a year largely marked by macro uncertainty. As we look ahead to 2012, we believe that much of this uncertainty will continue, as developed markets remain largely focused on balancing austerity measures with the need for growth. However, emerging markets appear to be at a turning point with regard to inflation. Against this backdrop, we believe fundamental research and security selection will be pivotal for investors in the new year. Please join Ron Temple, Managing Director, Portfolio Manager/Analyst on several of Lazard's U.S. and global equity strategies as he provides context for debt sustainability, and reviews the issues facing Europe, the United States, and the emerging markets. He will also discuss the potential implications for investors going forward. Featured Speaker: Ronald Temple Managing Director, Portfolio Manager/Analyst Ronald Temple is a Portfolio Manager/Analyst on our large cap U.S. equity teams, as well as the Global Equity Select team. He is also Co-Director of Research and has primary research coverage of the financials sector. Ron is a leading authority on the ongoing financial crisis. He joined Lazard in 2001 with ten years of global experience including fixed income derivative trading, risk management, corporate finance and corporate strategy in roles at Deutsche Bank AG, Bank of America NT & SA and Fleet Financial Group in London, New York, Singapore, San Francisco and Boston. Ron has an MPP from Harvard University and graduated magna cum laude with a BA in Economics & Public Policy from Duke University. Ron serves as a trustee of the Link Community School in Newark, New Jersey and is a member of the Trinity Board of Visitors at Duke University.

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