The £117m Lazard UK Income fund has changed its investment objective and its manager. From last week it can invest in a broader range of securities, including up to 20% in overseas equities and other securities such as corporate bonds and preference shares.
Alan Clifford has taken over from Tony Willis as manager of the fund. Willis will continue as head of UK equities and will remain instrumental in the investment process, according to the group.
Clifford, who joined Lazard six years ago, also manages the £77m Lazard UK Smaller Companies fund. Because of his knowledge of the British small cap equity market, the allocation to smaller companies and the number of holdings within the Lazard UK Income fund are expected to increase, though the fund’s objective is to invest a minimum of 50% in large cap stocks.