Lazard Asset Management

When a new boss takes over, the first move is often to bring in their own people. That is exactly what Chris Hogbin is doing at Lazard Asset Management. Hogbin has been CEO for seven months now. He has already brought in Eric Van Nostrand as Lazard Asset Management's first-ever chief investment officer. S. Treasury official. He also hired Rosalie Berman as chief operating officer from Morgan Stanley and Anthony Nicastro as head of artificial intelligence from Neuberger Berman. The pattern is clear: Hogbin is building his own leadership team from scratch.

Lazard's asset management business has been through a rough stretch. On the day of this article, Lazard Inc. 20. Get the market news that matters in a five-minute read with Market Briefs, our free daily newsletter Hogbin plans to focus on sectors where Lazard's stock-picking strategies can outperform. Active management means a fund manager picks stocks instead of just tracking an index. Lazard thinks it has an edge in sectors where information is messy and where understanding politics, local context, and regulation matters more than crunching numbers.

Additionally, Hogbin intends to broaden the firm's offerings with increased fixed-income and alternative investment options. Fixed income covers bonds and other debt. Alternative strategies include things like private credit or infrastructure. And on top of that, Hogbin plans to expand Lazard's small wealth-management business. The parent bank's CEO, Peter Orszag, has said he wants to grow this part of the business even with industry headwinds. Lazard recently agreed to buy Campbell Lutyens, an independent private capital adviser, as part of that push.

The first-half inflows tell part of the story. 4 billion in net new money during those six months, the strongest first-half showing in about 20 years. That is a big vote of confidence from investors - at least before the May withdrawal spooked the market.