Lazard Asset Management (LAM) has launched the Lazard Alternative Strategies 1099 Fund, a fund of hedge funds that offers investors the ability to participate in the hedge fund asset class with a minimum investment of USD25,000. In lieu of K-1s, IRS Form 1099s will be issued to investors for simplified tax reporting.
“The Lazard Alternative Strategies 1099 Fund invests in multiple hedge funds across a range of investment strategies and seeks returns with less market exposure than traditional stock and bond portfolios,” says Charles Carroll (pictured), a Deputy Chairman and Head of Global Marketing, LAM. “Our highly experienced portfolio management team has successfully managed this strategy at LAM for 10 years. The team’s due diligence process evaluates managers on risk, investment, business and operational criteria, and has access to the full universe of hedge funds.”
The Lazard Alternative Strategies 1099 Fund is actively managed and invests in 15 to 35 hedge funds that use a variety of investment strategies, including relative value, event driven, long/short, and tactical trading. LAM is currently investing in the Fund, which is registered in the US under the Investment Company Act of 1940 and the Securities Act of 1933.
Portfolio Managers/Analysts Christopher “Kit” Boyatt, Christian Frei and Chris Heasman have worked together for 13 years, 10 of those at LAM on the Fund of Hedge Funds team. They joined LAM in 2001 from the hedge fund group at JP Morgan Investment Management.
The fund expands LAM’s alternative investments platform, which includes Fund of Hedge Funds, Equity Long-Short, Fixed Income and Relative Value strategies. As of 31 December, 2011, LAM managed approximately USD5.5 billion in Alternative Investments.