Lazards to convert Jersey-based fund

Lazard Asset Management intends to launch a Jersey-based fund of hedge funds to be managed by John Chatfeild-Roberts and his team. They intend to convert the group's existing Jersey investment company, the Lazard Personal Portfolio Fund, subject to shareholder approval this week.The existing fund includes a dollar share class with $3m that the group wants to rename Astral and run as a fund of hedge funds. Chatfeild-Roberts has been increasing its exposure to hedge funds since last August and