Lazard Asset Management plans to launch a new fund, Lazard Developing Markets Equity Portfolio, next month, according to an SEC filing. The fund will be available in institutional and open shares. State Street will serve as administrator and custodian.

Meanwhile, on September 30, Lazard will close its Emerging Markets Equity Portfolio to most new investors, according to a filing. Morningstar analyst Wenli Tan notes that the fund's AUM has grown from about $354.9 million in 2002 to $7.6 billion in July due to a strong track record and the growing popularity of emerging-market strategies. 

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