Lazard head of UK equities Tim Russell is quitting to join HSBC Asset Management after being headhunted as a replacement for the retiring John Knight.
Russell, who managed Lazard's income unit trust, will head HSBC's UK equities division and run its UK equity income unit trust.
Also leaving Lazard for HSBC is Wade Pollard, who managed the UK income & growth unit trust.
Lazard Unit Trust Managers managing director Rupert Tyer says Russell's res ponsibilities will be assumed by Richard Smith, who manages the UK smaller companies unit trust.
Tyer admits that Russell, who is well respected by investment IFAs, is a big loss to the company.
He says: "There are very few fund management companies at the moment that are not going through some form of change. There is a huge amount of upheaval in the industry and this should be put into context."