MutualFundWire.com: A $233B-AUM AM Launches Its 1st ETFs, And ...
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Tuesday, April 8, 2025

A $233B-AUM AM Launches Its 1st ETFs, And ...


The folks at a 177-year-old, publicly traded firm's $233-billion-AUM (as of January 30) asset management arm are entering the ETF side of the business with their first three ETFs, and they're prepping at least two more. One of those planned launches will involve a conversion.

Yesterday (April 7), Evan Russo, CEO of Lazard, Inc.'s Lazard Asset Management [profile], and Rob Forsyth, global head of ETFs at Lazard AM, unveiled the launch of the Lazard Equity Megatrends ETF (THMZ), the Lazard Japanese Equity ETF (JPY), and the Lazard Next Gen Technologies ETF (TEKY). The Lazard team also filed to launch two more ETFs: the Lazard Emerging Markets Opportunities ETF (EMKT) and the Lazard International Dynamic Equity ETF (IEQ).

Lazard Asset Management LLC will serve as investment advisor to all five ETFs. JPY, TEKY, and THMZ all now list on the Nasdaq, and their inception date was last Friday (April 4). EMKT and IEQ will list on the NYSE Arca.

While EMKT will be a new fund, and THMZ, TEKY, and JPY are all new funds, IEQ will be launched by converting an existing Lazard mutual fund: the Lazard International Equity Advantage Portfolio. That open-end fund first debuted on May 29, 2015 and had $36.7 million in AUM as of March 31, 2025. It comes in three flavors: institutional shares, with an expense ratio of 80 basis points; open shares, with an expense ratio of 105bps; and R6 shares, with an expense ratio of 75bps. Yet once transformed into an ETF, its expense ratio will be 40bps.

EMKT will come with an expense ratio of 75bps.

JPY comes with an expense ratio of 60bps. As of yesterday, it had $27.6 million in AUM.

TEKY comes with an expense ratio of 50bps (which bakes in a 10bps fee waiver promised through April 7, 2026). As of yesterday, it had $29.9 million in AUM.

THMZ comes with the same expense ratio and fee waiver as TEKY. As of yesterday, THMZ had $29.5 million in AUM.

THMZ's portfolio management team includes:
  • Nicholas Bratt, managing director and analyst on Lazard's global thematic equity team;
  • John King, director and analyst on the global thematic equity team;
  • Sarbjit Nahal, director and analyst on the global thematic equity team; and
  • Steve Wreford, managing director and analyst on the global thematic equity team.

    • TEKY's team of portfolio managers includes:
  • Tjeery Keijzer, managing director and analyst on Lazard's global robotics and automation team;
  • Ario Kishida, managing director and analyst on the global robotics and automation team; and
  • Celine Woo, director and analyst on the global robotics and automation team.

    • JPY's PM team includes:
  • Scott Anderson, director and analyst on Lazard's Japanese equity team;
  • Matthew Bills, director and analyst on the Japanese equity team; and
  • June-Yon Kim, managing director and head of the Japanes equity team.

    • EMKT's PM team will include:
  • Rohit Chopra, managing director and analyst on Lazard's emerging markets equity team; and
  • James Donald, managing director and head of the emerging markets group.

    • IEQ's PM team, coming over from the predecessor fund, will include:
  • Taras Ivanenko, director and analyst on Lazard's global advantage PM teams;
  • Peter Kashanek, director and analyst on the global advantage PM teams;
  • Alex Lai, director and analyst on the global advantage PM teams;
  • Kurt Livermore, director and analyst on the global advantage PM teams;
  • Ciprian Marin, director and analyst on the global advantage PM teams;
  • Paul Moghtader, managind director and analyst on the global advantage PM teams;
  • Criag Scholl, director and analyst on the global advantage PM teams; and
  • Susanne Willumesen, managing director and analyst on the global advantage PM teams.

    • (Willumsen, Scholl, Moghtader, Marin, and Ivanenko have PMed IEQ's predecessor fund since inception. Lai joined the fund's PM team in 2019, and Livermoe and Kashanek joined in 2024.)

    Russo describes the debut of JPY, TEKY, and THMZ as "a historic milestone" for Lazard.

    "This launch represents a significant step forward in making Lazard’s sophisticated investment solutions accessible to more investors," states Forsyth, who joined Lazard last year. "Today, we're launching high-conviction, alpha-seeking ETFs managed by expert, specialized teams. We're ambitious about growing our ETF franchise over time to meet our clients' evolving needs."

    All five new and planned ETFs are series of the Lazard Active ETF Trust, all actively managed, and all save IEQ are non-diversified. The new and planned ETFs' other service providers include: Dechert LLP as counsel; Deloitte & Touche LLP as independent accounting firm; ACA's Foreside Fund Services, LLC as distributor; and State Street Bank and Trust Company as administrator, custodian, dividend disbursing agent, and transfer agent.


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