Supplement to Form ADV Part 2 Form ADV Part 2B

Transcription

1 Item 1- Cover Page Supplement to Form ADV Part 2 Form ADV Part 2B (for each of the Supervised Persons Listed in Item 2 below) Lazard Wealth Management LLC 30 Rockefeller Plaza New York, New York June 2011 This Brochure Supplement provides information about certain supervised persons that supplements the Lazard Wealth Management LLC ( LWM ) Brochure. You should have received a copy of that Brochure. Please contact your Relationship Manager if you did not receive LWM s Brochure or if you have any questions about the contents of this supplement.

2 Item 2- Educational Background and Business Experience Thaddeus R. Shelly III (1953), Chief Executive Officer Thaddeus R. Shelly III is a Managing Director and Chief Executive Officer of Lazard Wealth Management. Mr. Shelly leads all efforts working with wealthy family groups and individual investors in the management of their investable assets and is a member of the Investment Committee responsible for overseeing client Prior to joining Lazard, Mr. Shelly was a Senior Managing Director at Bessemer Trust, overseeing client acquisition and account management for their Delaware Trust Company, Mid-Atlantic, South and Southeast regions. Before assuming his regional management responsibilities, Mr. Shelly successfully managed Bessemer s Washington, D.C. office while overseeing the firm s Equity Risk Management advisory services. Prior to joining Bessemer in 1998, Mr. Shelly was the Founder and Director of Private Client Services at Legg Mason from 1992 to He began his career at Goldman, Sachs & Co. from 1984 to 1992 where he provided investment advisory and brokerage services to institutional and wealthy individual investors. Mr. Shelly currently serves on the Board of Directors of the Business School of The College of William and Mary, the President s Advisory Council of Rollins College, and the Board of Trustees of Hampden-Sydney College. He is also a member of The Florida Council of 100, a business leadership organization of CEOs. Mr. Shelly earned a BA in Economics from Hampden-Sydney College, and an MBA from The College of William & Mary. Andrew M. Parker (1957), Chief Portfolio Strategist Andrew M. Parker is a Managing Director and Chief Portfolio Strategist of Lazard Wealth Management. Mr. Parker has responsibility for portfolio construction, quantitative analytics, and risk management and is a member of the Investment Committee responsible for overseeing client Prior to joining Lazard, Mr. Parker was Managing Director and Head of Quantitative Strategies for Bessemer Trust. He joined Bessemer in May 2001, as Head of Equity Risk Management, overseeing all client portfolio hedging and monetization strategies. Mr. Parker was a member of Bessemer s Investment Policy and Strategy Committee and as such had an active role in asset allocation decisions. He was also responsible for all analytics developed for both the investment department as well as for client applications. Before joining Bessemer, Mr. Parker was a portfolio manager in the Derivatives Group of Credit Suisse Asset Management where, among other things was responsible for launching CSAM s collateralized bond effort. Prior to Credit Suisse, Mr. Parker headed Japanese Warrant Sales for Morgan Stanley in London. He began his career at Salomon Brothers in New York in 1980, where he was a member of the equity derivatives group. Mr. Parker is currently a member of the Investment Committee for Trust and Estates Magazine. Mr. Parker earned a BA in Economics and Physics from Gettysburg College.

3 Thomas M. McManus (1956), Chief Market Strategist Tom McManus is a Managing Director and Chief Market Strategist of Lazard Wealth Management. Mr. McManus has responsibility for analysis of macroeconomic and market trends and their impact on client portfolios and is a member of the Investment Committee responsible for overseeing client Prior to joining Lazard, Mr. McManus was Managing Director and Chief Investment Officer for Wells Fargo Advisors. Mr. McManus was Chair of the Investment Policy and the Investment Strategy Committees, and was responsible for economics and investment strategy research, strategic and tactical asset allocation, technical analysis, risk management, and external manager research and strategy. Before joining Wells, Mr. McManus was Managing Director and Chief Investment Strategist at Banc of America Securities from He achieved All-American honors from Institutional Investor magazine, as his market views and insights were valued highly by individual and institutional investors alike. He was featured prominently in the business media and a sought-after conference speaker. Mr. McManus has also been a member of the Speaker Retainer program at the CFA Institute, a global association of over 100,000 investment professionals. Prior to Bank of America, Mr. McManus was a Senior Investment Strategist at Morgan Stanley. From , Mr. McManus was a member of the Global Equity Derivatives department at Goldman, Sachs. He began his career at Morgan Stanley in New York in 1980, in strategic planning and equity derivatives. Mr. McManus is a member of the Advisory Board of Main Management, LLC in San Francisco, a pioneer in managing ETF (Exchange Traded Fund) Mr. McManus earned a BS in Operations Research from Columbia School of Engineering and Applied Science, and is currently a member of the advisory board for the School's Masters Degree program in Financial Engineering. Andrew W. Eberhart (1959), Chief of Investment Research Mr. Andrew Eberhart is a Managing Director and Chief of Investment Research for Lazard Wealth Management. Mr. Eberhart is responsible for the firm's investment manager sourcing and due diligence efforts and is a member of the Investment Committee responsible for overseeing client Prior to joining Lazard, Mr. Eberhart served as a Managing Partner of the Marshall Fund, an investment partnership making direct private investments in Middle-Eastern companies from 2008 to Previously, he was a Managing Director at Citibank in 2007and at U.S. Trust Company 2003 to 2006, where he advised the firm's wealthiest clients on portfolio design and investment selection and was co-head of the firm's Family Office practice in New York. Earlier, Mr. Eberhart was President and Chief Investment Officer of Greycourt & Co. He began his investment career at Cambridge Associates, where he gained extensive experience in alternative investments and ultimately directed the firm's private client consulting practice.

4 Mr. Eberhart is a frequent speaker and author on asset allocation and manager selection and has presented his work at a number of industry conferences including the Institute for Private Investors, the Heckerling Institute, the Wharton Private Equity Conference, and the American Banking Association. Mr. Eberhart was an active duty Navy pilot and currently holds the rank of Captain in the U.S. Naval Reserve. He also serves on the Advisory Board of the Marshall Fund. Mr. Eberhart earned a BA in Economics from Cornell University and an MBA in Finance from The Wharton School of the University of Pennsylvania. Eric G. Knauss (1959), Senior Relationship Manager Eric G. Knauss is a Director and Senior Client Relationship Manager of Lazard Wealth Management. Mr. Knauss supervises the implementation and integration of the advisory services we provide to our wealthy family groups and individual investors and is a member of the Investment Committee responsible for overseeing client Prior to joining Lazard, Mr. Knauss was a Vice President and Family Investment Officer at GenSpring Family Offices, where he was responsible for investment policy formation, asset allocation, strategy development, investment manager selection, portfolio performance monitoring, and client relationship management for ultra high net worth individuals and families. Prior to joining GenSpring in 2004, he worked for the multi-family office service provider Spruce Private Investors, leading the firm s open architecture, investment manager due diligence function. Prior to Spruce, Mr. Knauss established and managed T. Rowe Price s Private Client Group, was Chairman of the firm s After-Tax Asset Allocation Committee, and was responsible for the development of its after-tax performance reporting system. He began his career at Merrill Lynch where he spent over eight years working with individual and corporate investors. Mr. Knauss earned a BA from Wesleyan University, and achieved Chartered Financial Analyst designation in Harry S. Grand (1978), Relationship Manager Harry S. Grand is a Vice President and Client Relationship Manager at Lazard Wealth Management. Mr. Grand works with wealthy family groups and individual investors in the management of their investable assets. Prior to joining Lazard, Mr. Grand was a Client Advisor at Rockefeller & Co., Inc responsible for investment policy formation, asset allocation, strategy development and client relationship management for ultra high net worth individuals and families. Before assuming his client advisory responsibilities with Rockefeller & Co. in 2002, Mr. Grand was Chief of Staff and Manager of Marketing and Sales in the President and CEO's Office. Prior to joining Rockefeller & Co., Mr. Grand was an Associate for Thomson Financial in its Capital Markets Intelligence division, providing quantitative and qualitative analysis on NYSE and NASDAQ listed companies. Mr. Grand sits on the Rippowam Cisqua School Alumni Board, and is a Class Agent for The Taft School, Hamilton College and Columbia Business School.

5 Mr. Grand earned a BA in Political Science and French from Hamilton College and attained the Certificat Pratique de Langue Française from L Université Paris IV, Sorbonne; and holds an MBA. in Finance and Marketing from Columbia Business School. Item 3- Disciplinary Information LWM has no information to report with respect to this item. Item 4- Other Business Activities LWM s Supervised Persons listed above are not engaged in any investment advisory business other than in their capacities as employees and/or officers of LWM in any capacity that would pose any material conflicts of interest. All outside business activities must be approved by LWM s Legal and Compliance Department to ensure that such activities do not present a material conflict of interest for LWM with respect to its clients. Item 5- Additional Compensation LWM s Supervised Persons do not receive compensation other than a salary and bonus (a portion of which may be comprised of stock, subject to vesting requirements) paid by the firm. LWM s Supervised Persons are subject to LWM s gifts and entertainment policy which contains reporting obligations and a general restriction on the receipt of gifts and limitations on business entertainment. Item 6 - Supervision Members of LWM s senior management, including the Chief Executive Officer are responsible for oversight of LWM s Supervised Persons listed above. All employees are required to comply with applicable securities laws and the policies and procedures established within the firm s Compliance Manual. Supervisors have the primary responsibility for ensuring that employees under their supervision are complying with the firm policies. The LWM Legal / Compliance Department will take such steps it deems appropriate to determine whether employees and their supervisors are complying with all applicable policies and procedures which may include conducting periodic compliance reviews within specific areas of LWM. When members of the Legal / Compliance Department request information from employees in connection with their compliance responsibilities, all employees are expected to fully cooperate and respond appropriately to their recommendations.