Lazard Asset Management Completes Conversion of Mutual Fund to Launch International Dynamic Equity ETF
NEW YORK--(BUSINESS WIRE)--Lazard today announced that it has completed the conversion of the Lazard International Equity Advantage mutual fund into the exchange-traded fund (ETF), Lazard International Dynamic Equity ETF (NYSE: IEQ), listed on the New York Stock Exchange. IEQ offers investors a way to invest in international equities through a more tax-efficient, lower fee solution.
'We are seeing the pendulum start to swing toward international equities, which are becoming increasingly attractive to investors,' said Rob Forsyth, Lazard's Global Head of ETFs. 'This conversion allows us to broaden access to a strategy that has historically delivered consistent performance through different market cycles. Our Advantage team has long been trusted by leading institutional investors, and we're proud to make it accessible to a wider investor base through IEQ.'
IEQ aims to deliver consistent excess returns by investing in a diversified portfolio of international equities, through a bottom-up selection process that avoids overreliance on a single style or factor.
'IEQ offers a unique opportunity to invest in great companies around the world,' said Paul Moghtader, Portfolio Manager and Head of Lazard's Quantitative Platform. 'Our proprietary approach uses a combination of machine intelligence and fundamental insights, enabling us to identify unique investment opportunities and effectively manage relative risk exposures, aiming to deliver consistent excess returns.'
The launch of IEQ reflects Lazard's continued dedication to expanding and strengthening its actively managed ETF platform to meet the evolving needs of investors. It follows the launches of Lazard Equity Megatrends ETF (THMZ), Lazard Japanese Equity ETF (JPY), and the Lazard Next Gen Technologies ETF (TEKY) earlier this year.
About Lazard
Founded in 1848, Lazard is the preeminent financial advisory and asset management firm, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. For more information, please visit Lazard.com and follow Lazard on LinkedIn.
Lazard Asset Management, a subsidiary of Lazard, Inc. (NYSE: LAZ), offers a range of equity, fixed income, and alternative investment products worldwide. As of April 30, 2025, Lazard's asset management businesses managed approximately $231 billion of client assets. For more information about LAM, please visit www.LazardAssetManagement.com.
LAZ-AM
Risks and Disclosures
Non-US Securities Risk: The Portfolio's performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity.
Country Risk: Implementation of the Portfolio's investment strategy may, during certain periods, result in the investment of a significant portion of the Portfolio's assets in a particular country, such as Japan, and the Portfolio would be expected to be affected by political, regulatory, market, economic and social developments affecting that country.
Please consider a fund's investment objectives, risks, charges, and expenses carefully before investing. For more complete information about Lazard ETFs and current performance, you may obtain a prospectus or summary prospectus by calling 800- 823-6300 or going to www.lazardassetmanagement.com. Read the prospectus or summary prospectus carefully before you invest. The prospectus and summary prospectus contain investment objectives, risks, charges, expenses, and other information about the Portfolio and Lazard ETFs that may not be detailed in this document.
Investments involve risk. Principal loss is possible
The Lazard ETFs are distributed by Foreside Fund Services, LLC.
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PALO ALTO, Calif.--(BUSINESS WIRE)--Rubrik, Inc. ('Rubrik') (NYSE: RBRK), today announced the pricing of $1.0 billion aggregate principal amount of 0.00% Convertible Senior Notes due 2030 (the 'Notes') in a private placement (the 'Offering') to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the 'Securities Act'). Rubrik also granted the initial purchasers of the Notes an option to purchase, within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $150.0 million aggregate principal amount of Notes. The sale of the Notes to the initial purchasers is expected to close on June 13, 2025, subject to customary closing conditions. The Notes will be general unsecured obligations of Rubrik and will not bear regular interest and the principal amount of the Notes will not accrete. The Notes will mature on June 15, 2030, unless earlier converted, redeemed or repurchased. Rubrik estimates that the net proceeds from the Offering will be approximately $980.0 million (or approximately $1.13 billion if the initial purchasers exercise their option to purchase additional Notes in full), after deducting the initial purchasers' discounts and commissions and estimated Offering expenses payable by Rubrik. Rubrik expects to use the net proceeds to pay the $77.0 million cost of the capped call transactions described below, to repay in full the $327.9 principal amount of outstanding loans under and terminate its credit agreement, and for general corporate purposes, which may include acquisitions or strategic investments in complementary businesses or technologies, working capital, operating expenses and capital expenditures. If the initial purchasers exercise their option to purchase additional Notes, Rubrik expects to use a portion of the net proceeds from the sale of the additional Notes to enter into additional capped call transactions as described below and the remainder for general corporate purposes as described above. Prior to March 15, 2030, the Notes will be convertible at the option of the noteholders only if one or more specific conditions are met. On or after March 15, 2030 until the close of business on the second scheduled trading day immediately preceding the maturity date, the Notes will be convertible in integral multiples of $1,000 principal amount at the option of the noteholders at any time regardless of these conditions. Upon conversion, Rubrik will pay or deliver, as the case may be, cash, shares of Rubrik's Class A common stock, par value $0.000025 per share ('Class A common stock') or a combination of cash and shares of Class A common stock, at its election. The initial conversion rate is 8.0155 shares of Class A common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $124.76 per share of Class A common stock, which represents a conversion premium of approximately 42.5% to the last reported sale price of Class A common stock on the New York Stock Exchange on June 10, 2025), and will be subject to customary anti-dilution adjustments. Rubrik may not redeem the Notes prior to June 20, 2028. 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