Lazard Asset Management of New York will begin offering alternative investment products to high net worth investors and institutions through Lazard Alternatives, a new company that will offer its first product, a hedge fund-of-funds in August, according to company documents filed Friday with the SEC.

The new product will invest in 15 to 35 hedge funds and will be managed by Michael Rome, Christian Frei, Christopher Heasman and Christopher Boyatt. Before working for Lazard, Frei, Heasman and Boyatt managed hedge funds for J.P. Morgan. The new fund will be available to high net worth and institutional investors for a minimum investment of $500,000. The fund will charge a 3 percent sales load and will carry 2.25 percent expense ratio. The fund will pay its managers ten percent of the fund's net gains, according to the filing. As of the end of the first quarter, Lazard had approximately $69.4 billion in assets under management.

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