The UK Omega fund will be managed by Tony Willis and Alan Custis, the same team behind UK Alpha, but they will adopt a more aggressive satellite proposition to sit alongside Lazard’s Alpha core range. Omega will hold between 25 and 30 stocks compared with UK Alpha’s 40 to 50 stocks and whereas UK Alpha has a tracking error range of 4-6 per cent, Omega will not be constrained by the index. Omega’s stock concentration means it will favour mid and large caps, targeting stocks with a market cap of more than 1bn as opposed to UK Alpha’s regular dipping into small caps and stocks with market caps of more than 250m. The portfolio’s charging structure has yet to be confirmed, including whether or not Lazard will opt for a performance fee structure. Over five years, Lazard UK Alpha is ranked 24th out of 216 funds in the UK all companies sector, with a AA rating from Standard & Poor’s.