The Matrix Lazard Opportunities Fund has been developed to offer investors greater scope than traditional bond funds as it can invest across a broader range of securities, including bonds, convertibles, equities, credit derivatives, the firm said in a statement; the fund can also take both long and short positions via derivatives.

The fund’s strategy is based on two sub-strategies - convertible arbitrage and special situations/event-driven investing – and as these tend to occur over a relatively short time frame there will typically be a high level of turnover in the portfolio’s positions.

The fund will be run by a six-strong Lazard team led by Sean Reynolds, senior portfolio manager, with the backing of Lazard’s Global Investment’s roster of 180 analysts and portfolio managers.

“The investment team believes that the recent stock market sell-off has dramatically increased the strategy’s opportunity, especially in shorter-dated credit securities offering attractive equity exposure. The team's expertise in this area should significantly differentiate us from the competition," said Reynolds.