Lesson learned

摘要

Lazard lost nearly $3 billion in hedge fund assets after star manager William von Mueffling left. Now that the firm has recouped that money, it is trying to make sure that the same thing never happens again. In January 2003, Lazard's $3.8 billion hedge fund business was riding high. Led by star manager William von Mueffling — who had delivered an annualized re-[ turn of 58 percent from August 1998 through December 2002 running the Lazard European Opportunities fund — the venerable investment bank seemed on the verge of becoming a major player. But behind the scenes Lazard's hedge fund business was about to collapse.