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Russell to head UK equities at HSBC

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&#39s income unit trust, will head HSBC&#39s 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&#39s 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."

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