Company Press Release

Lazard Asset Management Launches Emerging Markets Debt Total Return Fund

NEW YORK--(BUSINESS WIRE)--Lazard Asset Management LLC (LAM) today announced the launch of the Lazard Explorer Total Return Portfolio (the “Portfolio”) (NYSE: Institutional: LETIX, Open: LETOX).

The fund utilizes a flexible total return investment strategy, seeking to provide clients with strong risk-adjusted returns over a full market cycle. The portfolio management team considers the entire universe of emerging markets debt asset classes, including external and local sovereign, quasi-sovereign, corporate and inflation-linked debt, when allocating where they believe there is value, based on their global macroeconomic outlook and fundamental sovereign analysis.

The Portfolio is managed by Denise Simon and Arif Joshi, Managing Directors and the Portfolio Managers on Lazard’s Emerging Markets Debt team. Denise and Arif are seasoned investors each with over 15 years of experience in managing emerging markets debt portfolios through a full range of economic cycles.

“The Portfolio takes an unconstrained approach to emerging markets debt investing, looking for the best risk-adjusted returns across the asset class,” said Denise Simon, Portfolio Manager. “It utilizes a total return strategy, designed to offer investors the potential to capture alpha opportunities while maintaining lower volatility than the market.”

“Despite the uncertainty of today’s markets, we believe there are compelling valuation opportunities across the asset class. The Portfolio’s approach offers the flexibility needed to take advantage of them,” added Arif Joshi, Portfolio Manager.

The Emerging Markets Debt team complements the strength of Lazard’s emerging markets platform, drawing on the expertise of over 50 investment professionals dedicated to emerging markets. As of March 31, 2013, the firm manages over $50 billion in emerging markets equity and debt assets globally.