(Updates with shares in last paragraph.)
Oct. 6 (Bloomberg) -- Lazard Ltd., the financial-advisory and asset-management firm, hired a real-estate investment team from Grubb & Ellis Alesco Global Advisors.
Jay Leupp and David Ronco lead the group, which also includes Christopher Hartung to focus on investment strategy and research and Kipp Kjeldgaard for client service and business development, Hamilton, Bermuda-based Lazard said today in a statement. The team will be based in Lazard Asset Management’s San Francisco office.
Leupp founded Alesco Global Advisors in 2006 and was the senior portfolio manager of its real-estate mutual funds. Ronco was previously a portfolio manager for the funds.
“Our new global real-estate securities team includes seasoned professionals with deep experience in real-estate analysis and investing,” Ashish Bhutani, chief executive officer of Lazard Asset Management, said today in the statement.
Lazard shares, which have lost 41 percent this year, rose $1.10, or 5 percent, to $23.29 at 2:57 p.m. in New York Stock Exchange composite trading.
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