Michael Medzigian will step down as president and CEO of Lazard Freres Real Estate Funds at the end of the year, although he will continue as an adviser through mid-2002. His duties will be handled by Robert Larson, chairman and a managing director; and managing directors Matthew Lustig, John Moore and Mark Ticotin. All four have been named managing principals.
Mr. Medzigian was hired in 1999 after former partner Arthur Solomon was ousted over differences about how the funds should be invested.
Investors in the funds include the $70 billion General Motors Corp. defined benefit plan, New York; $34 billion AT&T Corp. pension fund, Basking Ridge, N.J.; the $95.5 billion California State Teachers Retirement System, Sacramento; the $32 billion Colorado Public Employees Retirement Association, Denver; and the $45 billion IBM Corp. defined benefit plan, Stamford, Conn.
"Since Lazard doesnt seem to be gearing up to raise a new fund, its understandable that Mr. Medzigian would leave, because thats his strength, said said Tom Dobrowski, GMs managing director of real estate and alternative investments. Mr. Dobrowski said the new team is highly capable.