Lazard UK Income fund to look overseas under Clifford

Lazard Asset Management is restructuring its UK Income fund, introducing up to 20% overseas exposure...

Lazard Asset Management is restructuring its UK Income fund, introducing up to 20% overseas exposure as Alan Clifford takes over as lead manager. The vehicle will now be able to hold up to a fifth in non-UK listed securities, as the group recognises a dwindling yield advantage in the UK due to dividend growth elsewhere. Lazard said the main objectives of the change are improving the total return on the fund and upping the yield. It will stick to the UK Equity Income sector requirement of seeking a yield in excess of 110% of the FTSE All-Share, seen as a key sell for its distributors. ...