Lazard Asset Management’s global listed infrastructure business has hired a new analyst following the departure of co-founder and portfolio manager Ian Smith in June.
Anthony Rohrlack previously spent eight years as an analyst at UBS investment bank, the last three with the infrastructure and utilities team, where he was responsible for financial modelling and in-depth research. Warryn Robertson, portfolio manager at Lazard, said that the team was delighted when Anthony’s named turned up in the short list of a head-hunting executive search. “He was well known to us for a time, and had shown an interest to work here. It was an easy pick for us.” Rohrlack expands the analyst team to five members. They are led by two portfolio managers, including Robertson, responsible for $2.8 billion globally. Robertson described the team as value managers, whose strategy was investing in “preferred infrastructure” – that is, companies with stable revenue streams and predictable outcomes. Key is the monopoly and pricing power of regulated utilities he said, citing Cintra, Tokyo Gas, Red Electrica and Consolidated Energy as typical companies in the portfolio. Since the strategy was launched in 2005, Robertson said three large UK mandates totalling 700 million pounds had been raised with defined benefit pension plans. “The global listed infrastructure product is for clients looking for long-term, low-risk, inflation-linked returns.”
The brunt of losses from the LA wildfires are expected to be borne by primary insurers and high-risk reinsurance programs, but super funds are nevertheless closely monitoring the possible impact of the fires on catastrophe bond and insurance-linked securities exposures.
Simon HoyleJanuary 17, 2025
