Lazard Taps State Street Veteran to Lead ETF Push
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Lazard Asset Management has appointed Robert Forsyth as its global head of ETFs, bolstering the firm's efforts to expand its presence in the rapidly growing active ETF space.
According to a press release from New York-based Lazard, Forsyth will join the firm as managing director and be responsible for growing Lazard’s active ETF business.
“Building and expanding an active ETF platform is a key next step in our plans and Rob will play an important role in accelerating our ambitions,” Evan Russo, Lazard Asset Management CEO, stated in the release.
The move comes as the ETF market is shifting toward actively managed products.
Despite active ETFs accounting for less than a tenth of total ETF assets under management in the U.S., they make up nearly half of all ETF offerings, according to data compiled by Bloomberg. This year has seen actively managed ETFs capture about one-third of the total inflows into U.S.-listed ETFs, indicating growing investor interest in this category.
Forsyth, who will be based in New York and report to Head of North American Distribution Jennifer Ryan, brings over two decades of experience in exchange-traded products to his new role, the release said. He most recently served as global head of ETF strategy at State Street Global Advisors, where he held various leadership positions in product, investment, and sales strategy for its $1 trillion ETF business.
Lazard's Entry Into ETF Market
Forsyth’s appointment follows Lazard’s recent entry into the ETF market. In June, the firm introduced its first ETF product, the Lazard Global Listed Infrastructure Active ETF (GIFL), for Australian investors. The company plans to build on this debut, along with a new sub-advised ETF mandate in the U.S.
As of July 31, Lazard’s asset management business managed approximately $246 billion in client assets, according to the firm.
“The Lazard brand, the quality of its investment products, and the firm’s global reach will help bring sophisticated investment products to a larger number of clients through exchange traded products," Forsyth said.