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Lazard issues European High Yield Bond Fund

Lazard Asset Management is launching a European High Yield Bond Fund with a target gross yield of 10.7 per cent.


The fund will be a sub-fund of Lazard&#39s Dublin-based Global Bond Fund, a Dublin registered UCITS recognised in the UK.


It will invest mostly in European bonds with a rating lower than investment grade, but will also offer exposure to euro-hedged US high yield securities.


The initial charge is 5 per cent and the annual management fee is 1.25 per cent.


The fund&#39s benchmark will be the Merrill Lynch European Currencies High Yield Index.


Lazard has no plans to include it in any Pep and ISA products.

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