Lazard expands long/short credit strategy

Lazard Asset Management has hired a New York-based investment team from Coherence Capital Partners, an alternative investment firm launched in 2012 focused on long/short credit investing. The new Lazard Coherence investment team, made up of Sal Naro, Vincent Mistretta, Michael Cannon and Sanjay Aiyar, is part of Lazard’s Alternative Investment Platform, which has $4.5 billion in client assets. The team brings with them approximately $120 million in unlevered assets to the platform. “Sal and his team bring a wealth of investment experience and a unique approach to investing in credit markets,” said Loren Katzovitz, managing director, who leads the expansion of LAM’s alternative investment platform. “The addition of their credit capabilities is complementary to our growing alternatives business as well as our existing fixed income offerings.” The Lazard Coherence Long/Short Credit Strategy had been offered as the Coherence Capital Spectrum Funds. According to the team, they identify long and short bond positions and aim to achieve differentiated and consistent absolute returns. The investment approach is built on a philosophy that fixed-income markets are an extension of equity markets. The approach is combined with fundamental and quantitative research capabilities in investment grade, cross-over and high yield markets mostly in North America and Europe. According to Naro, managing director and portfolio manager, the team is happy to have found a strong culture fit with Lazard and is excited about growing the business within the firm. “In addition to the enhanced infrastructure and resources that will be available to us, the ability to leverage the firm’s extensive global investment platform will bolster the fundamental research that goes into our security selection process,” he added.

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