Lazard names asset management head successor

Lazard has confirmed the successor of Evan Russo, current chief executive of its asset management division, to be former AllianceBernstein senior executive Christopher Hogbin, who will join the firm as CEO at the time of Russo’s departure in December.

Russo, who first joined Lazard in 2007, will take on an advisory role with the business, stepping down after holding several leadership positions during his almost-20-year tenure including Chief Financial Office of Lazard and Co-Head of Lazard’s Capital Markets and Capital Structure Advisory arm in addition to CEO of Lazard Asset Management.

Hogbin brings over three decades of experience to the role, with 20 spent at AllianceBernstein and most recently as Global Head of Investments, where he was responsible for developing and expanding the manager’s investment capabilities in public and private markets, as well as spearheading its research division and ensuring successful client outcomes and growth.

“We are excited to announce Chris as our CEO of Lazard Asset Management. We see this year as an inflection point for our Asset Management business, as we continue to build on our momentum and position the firm to meet evolving client needs,” Peter Orszag, CEO and Chairman of Lazard, said.

“Chris’s leadership and success in growing a global investment business will help us to now accelerate progress toward our long-term strategy for Lazard. We are grateful for Evan’s leadership at the firm, and for his work guiding our Asset Management business through a critical transitional period while developing a solid foundation for Chris to build upon.

“Chris embodies our commercial and collegial culture, with an outstanding reputation that attracts top talent and experience aligned with Lazard’s global presence. At his core, Chris understands how to deliver exceptional investment performance, which is fundamental to driving success for active asset managers.

“We are thrilled to welcome Chris to lead our asset management business into its next phase, enhancing performance and service for our clients, evolving our business to meet client preferences, and contributing to firmwide profitable growth for our shareholders.”

Hogbin’s expertise spans across several asset classes and sectors, incluing equity, fixed income, multi-asset, hedge funds and alternatives, having also served as COO and Head of Equities at AllianceBernstein. He commenced his career as a research analyst before moving into the buy-side and senior leadership roles.

“It is an honor to join Lazard Asset Management and work with a renowned team of professionals who are committed to delivering best-in-class investment solutions to clients,” Hogbin said.

“I’m energised by the vision for the future of Lazard and the momentum behind the execution of its long-term growth strategy. I look forward to joining Peter and the team to help deliver the next stage of value creation for our clients and shareholders.”

Russo also welcomed Hogbin into the fold.

“At Lazard Asset Management, we have an unwavering focus on delivering differentiated insights and customised solutions for clients,” he said.

“With Chris’s client-focused approach and investment expertise, we are further strengthening our business for success over time. It has been a privilege to work with the extraordinary colleagues at Lazard and contribute to this firm’s remarkable legacy.”