Shares of asset manager
) climbed 1.2% after its indirect subsidiary Lazard Asset
Management LLC announced the opening of an office in Dubai, UAE
on Feb 4. The company has recruited senior personals, who will be
responsible for catering clients in the Middle East with
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Farah Foustok will head the Dubai office as Senior Executive
Officer and will preside as Managing Director of the subsidiary
unit. Further, a 5-person investment team will be headed by the
director of the unit Fadi Al Said to administer the equity
strategies of the Middle East and North Africa (MENA) and
Frontier Markets for local as well as global clients.
The company expects to capitalize on its emerging market
strategies and global research resources, thereby tapping more
distribution and investment opportunities and enhancing the
portfolio of emerging markets.
The latest move comes as an effort by Lazard to further
strengthen its footprint in the Middle East. Notably, the company
has been serving the Middle East client base since 1992. Further,
back in 2008, the company opened an office in Bahrain for better
handling of its operations in the region.
On Feb 5, Lazard reported fourth-quarter 2013 adjusted earnings
of 81 cents per share, significantly beating the Zacks Consensus
Estimate of 60 cents. Results benefited from a strong top-line
performance, primarily aided by increase in financial advisory as
well as asset management revenues. Moreover, the company's strong
capital position and higher assets under management (AUM) were
Lazard holds a Zacks Rank #1 (Strong Buy).
Some other investment management firms worth considering include
Artisan Partners Asset Management Inc.
Calamos Asset Management Inc.
Fortress Investment Group LLC
). All these stocks carry the same Zacks Rank as Lazard.