Lazard Asset Management was dealt a major blow last week with the loss of three high-profile members of its personal portfolio service to Jupiter.
The service is widely seen as the backbone of Lazard's UK operations and includes the Lazard growth portfolio, income portfolio and worldwide portfolio funds, which total more than £50m in funds under management.
John Chatfield-Roberts, Peter Lawery and Algy Smith-Maxwell join Jupiter at the start of next month to launch a raft of products, including a retail hedge fund, unit trust fund of funds and a portfolio management service. They will also all become directors of Jupiter.
Chatfield-Roberts was responsible for the management of Lazard's service which has funds under management of £250m.
As Money Marketing went to press, Lazard said it was finalising a deal with replacements for Chatfield-Roberts and the two others.
It said an announcement would be made before the end of the week.
HCF Partnership partner Richard Craven says: “Lazard's disquiet at the departures is evident but it appears that attempts to reverse their decision have failed.
“Lazard would do well to build on the bedrock that the team have created or face the potential for fund migration over to their new home.”