With asset managers continuing to slice and dice the investment landscape by introducing niche products, Lazard Asset Management LLC announced Tuesday that it launched an actively managed mutual fund that focuses on infrastructure companies.
The Lazard Global Listed Infrastructure Portfolio is available to both institutional and individual investors. The fund invests in companies with a minimum market capitalization of $250 million. It uses a “preferred infrastructure” approach that focuses primarily on equity securities of companies that own infrastructure assets that exhibit certain desirable characteristics including longevity of the issuer, lower risk of capital loss and revenues linked to inflation.
The fund also generally seeks to substantially hedge foreign currency exposure backed to the U.S. dollar.
“The Lazard Global Listed Infrastructure Portfolio provides investors with the opportunity to participate in the rising demand for infrastructure assets worldwide,” said Charles Carroll, the deputy chairman and head of global marketing for Lazard Asset Management. “Lazard’s unique approach to identifying sustainable ‘preferred infrastructure’ in global economies was developed by our experienced investment team. This new mutual fund expands our existing infrastructure platform to both institutional and retail investors, reflecting the growing importance of the asset class and our ongoing commitment to developing global investment solutions for our clients.”
Lazard’s Global Listed Infrastructure platform managed $1.98 billion in institutional mandates as of Sept. 30. It has offered such products since 2005.
An indirect subsidiary of Lazard Ltd., Lazard Asset Management offers a range of equity, fixed-income, and alternative investment products globally. The New York-based unit had $120 billion in assets under management as of Sept. 30.