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Benedicte Gravrand, Opalesque Geneva - According to Swiss daily Le Temps, U.S. asset manager Lazard Asset Management opened an office in Zurich last week to better serve its investors. Lazard counts 3,000 institutional investors among their client. Andreas Hubner, a director at Lazard, told Le Temps that there were two incentives for this move; the changes that are taking place in the Swiss banking market are leaving room for manoeuvre for asset management boutiques "in virtue of the principle of open architecture." And Lazard A.M., which has more than $134.8bn in assets under management, is also taking advantage of the demand for its investment specialisations, namely emerging markets (30% of assets there) and global equities. We heard earlier this week that the assets of the Matrix Lazard Opportunities Fund had been merged into the just-launched Lazard Opportunities Fund, a relative value capital structure and convertible arbitrage fund and a sub-fund of Lazard Global Investment Funds plc, an Irish-registered UCITS fund.

Templeton, another large U.S. asset manager, has tripled its head count in Switzerland since the beginning of the crisis to 15 ......................

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