Lazard Asset Management Fund Dumps The US Dollar

crash-dollar

It was only a matter of time before asset managers said “enough” to Bernanke’s plan of debasing the dollar day after day, and took appropriate measures.

In a not very surprising, yet quite shocking at the same time, development, caught by Annuity IQ,

Lazard’s The World Trust Fund has had enough of the dollar. Lazard will “change the currency in which the Fund’s shares are traded from US dollars to Sterling.” Good work Mr. Chairman and Wall Street lobby.

BusinessWire reports that as a result of the insane dollar printing press operator’s actions, Lazard will:

(i) change the currency in which the Fund’s shares are traded from US dollars to Sterling;

(ii) undertake a sub-division of the Fund’s share capital on the basis of 10 new ordinary shares for each existing ordinary share;

(iii) change the benchmark of the Fund to the MSCI All Countries World Index; and

(iv) increase the NAV on which the performance fee calculation is based (“Reference NAV”) to reflect the underperformance of the Fund over the previous 12 months.

The reason for the seismic shift:

In response to comments from a number of shareholders and potential investors in the Fund about the liquidity of the Fund’s shares, the Board, having consulted with the Fund’s brokers, Arbuthnot Securities, believes that having a larger number of shares in issue with a lower share price than at present and changing the currency in which the shares are traded from US dollars to Sterling, should assist in improving the marketability and liquidity of the Fund’s shares and support the attraction and retention of a diverse shareholder base.

Congratulations Beloved Chairman: thanks to your actions it is now an embarrassment for investors to move their assets in dollars. And one can bet their bottom denominated dollar that Lazard’s actions will be followed suit by a plethora of other asset managers who were just waiting for the chance to break all ties with the deranged dollar debaser.

By Tyler Durden on 10/23/2009 10:38 -0500

Source: ZeroHedge

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