Zurich appoints Lazard for international equities

Zurich Investment Management Limited has appointedLazard Asset Managementas manager of Zurich’s international equities thematic portfolio effectively maintaining links with the strategy founder, Willy Holzer.

Zurich director of investments (portfolio and funds), Matthew Drennan says the appointment is part of group’s policy to form strategic partnerships to provide quality investment solutions for clients.

The appointment of Lazard follows a review of the outsourcing of the investment management of Zurich’s international shares portfolios after the departure of key personnel, including Holzer, fromDeutsche Asset Managementin the US.

Subject to the completion of due diligence, Lazard will manage Zurich’s stand-alone international thematic funds and the international equities component of the diversified funds, representing a combined total of $1.4 billion.

“The appointment of Lazard is a clear demonstration of Zurich’s flexible operating model which allows us to form strategic partnerships to provide a quality investment solution for our clients,” Drennan says.

He says there will be no significant changes to the international equities investment process resulting from the appointment, with the thematic style being maintained.

Zurich says that Deutsche will remain the key strategic partner for Zurich Australia, continuing to manage other Zurich asset classes under existing mandates, including Australian equities, the Global Small Companies portfolio as well as fixed interest products.