New York-based Lazard Asset Management has launched a new global long/short hedge fund, the Lazard World Alternative Value Fund.
The strategy is managed by a team led by Kun Deng, a managing director whom The Financial Times ranked as one of the top 10 global equity managers from 2000 through 2003.
In keeping with the fund's value-oriented theme, Deng targets companies whose shares trade at a discount to the estimated underlying net asset value. These include investment companies such as closed-end funds and investment trusts as well as holding companies.
There is also an element of corporate activism in