Jupiter buys Lazard's managed funds business
UK – Jupiter Asset Management is to acquire the independently managed funds business of Lazard Asset Management in a deal worth approximately £250m (€401.6m).
The agreement, which is subject to regulatory approval, follows Jupiter’s launch into the managed fund business when John Chatfield-Roberts, Peter Lawery and Algy Smith-Maxwell joined Jupiter from Lazard in May.
The purchase means that Jupiter will acquire the following products :
•the Lazard personal potfolio service, a fund based discretionary management service
•Lazard’s three portfolio unit trusts – namely the income, growth and worldwide portfolio trusts
•the Lazard personal portfolio fund, a Jersey based fund of funds umbrella with two sub-funds
The funds will be merged with Jupiter’s existing range of managed portfolio funds.