Salvatore Naro, CEO and chief investment officer at Coherence Capital Management, has joined Lazard Asset Management along with six staff to launch a long/short credit strategy.
The strategy, which will be known as the Lazard Coherence Long/Short Credit Strategy, was previously part of the Coherence Capital Spectrum Funds, a spokeswoman said. Mr. Naro, who will continue to head the strategy, will be managing director, portfolio manager/analyst at Lazard.
Also joining Lazard is Vincent Mistretta, previously president and co-senior portfolio manager at Coherence, who will become a director, portfolio manager/analyst at Lazard.
Others joining Lazard from Coherence Capital as directors, portfolio manager/analysts are Sanjay Aiyar, previously senior analyst/portfolio manager and Michael Cannon, previously senior portfolio manager. Robert Del Grande, chief financial officer and chief compliance officer, will become director, Coherence business strategy. Edgar Benevides, head of operations, will become director, trading and operations, and Vincent Naro, director of operations, technology and middle office, will become senior vice president, trading and operations.
Coherence Capital's $120 million in assets under management in the strategy will be managed by Lazard as of Oct. 30, the spokeswoman said. Coherence Capital will have zero AUM and will officially cease operations in the first quarter of 2021.
Coherence Capital Partners was spun out from the asset management unit of insurer Jefferson National Financial in 2012. Mr. Naro, who was chairman of Jefferson National Asset Management at the time, led that management buyout. Mr. Mistretta had been head of portfolio management JNAM.
Coherence Capital was launched as a manager of active and passive long-only strategies, hedge funds and alternative credit investments such as bank loans and structured products.