2013 Global Overview: Incremental Change and Clarity
Summary: Despite investors' fears, the "black swan" events of 2012 failed to materialize. As we look ahead in 2013, the clarity gained by the unfolding of key economic and political events will likely allow for incremental changes in economic factors and government policy to drive markets. We believe investors who refuse to engage in volatility or wait on the sidelines for clear skies and grand bargains to take shape will be left behind, as the risk-on/risk-off cycles of 2012 have opened significant valuation opportunities across asset classes, regions, and sectors. Please join David Cleary, lead Portfolio Manager/Analyst of Lazard's global asset allocation platform, as he discusses these issues and the road ahead. Featured Speaker: David Cleary, CFA Managing Director, Portfolio Manager/Analyst Lazard Asset Management LLC (New York) David Cleary is a Managing Director of Lazard Asset Management LLC. David provides oversight and management to Lazard's US-based fixed income and asset allocation platform. Additionally he is directly responsible for the management of the Lazard Capital Allocator Series ("LCAS"). LCAS is a global tactical asset allocation investment strategy. David works on asset allocation modeling and total portfolio risk management and is a member of the LCAS Advisory Board. He is also a member of the Lazard Investment Council. Previously, he spent nine years as a senior fixed income portfolio manager at Lazard with a focus on risk control, sector allocation and total portfolio management. David began working in the investment field in 1987. Prior to joining Lazard in 1994, David worked as a portfolio manager with Union Bank of Switzerland and an assistant treasurer with IBJ Schroeder, both primarily in fixed income asset management. He has a BS from Cornell University.