Lazard’s asset management arm has expanded its quantitative equity group, adding a team of four from a San Francisco hedge fund.
Lazard Asset Management announced Tuesday that a U.S. systematic equity team comprised of Oren Shiran, Phillip Summe, Stefan Tang, and Seavan Sternheim has joined the group from Baylight Capital, a hedge fund firm they founded in 2013. The four-person team focuses on “capturing fundamental insights within a quantitative framework,” investing in listed U.S. companies with market capitalizations below $10 billion, Lazard said.
Nathan Paul, chief business officer of Lazard Asset Management, said in the announcement that the foursome bring a “differentiated approach and unique perspectives” to the $228.7 billion asset management firm. The team “utilizes a multi-model approach to consistently identify and capture compelling inefficiencies,” according to Lazard.
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“The team will bolster our quantitative equity, U.S. equity, and alternative investment capabilities, providing our clients with additional investment solutions to meet their evolving needs,” Paul said.
Shiran, Summe, Tang, and Sternheim will continue to be based in San Francisco, according to Lazard’s announcement. A spokesperson for Lazard said they started at the firm on Monday.
“Substantially all client assets” managed by Baylight Capital are transitioning to Lazard Asset Management along with the team, the spokesperson said. The hedge fund’s clients included wealthy individuals, family offices, and funds of funds, according to Sternheim’s LinkedIn page.