Prugue quits van Eyk for Lazard
Rob Prugue has resigned from his position as director and head of asset consulting withvan Eyk Researchto take on the role of senior executive with Lazard Asset Management.
The resignation comes only six months after the proposed sale of van Eyk toWilliam M Mercerfell through. Prugue had been with the research house for four years and is expected to surrender his minority stake in the group.
Stephen van Eyk, managing director of van Eyk says Prugue's resignation will leave a void in the group.
"Obviously, from a business point of view, Rob had very close relationships on the wholesale side of the business and we will have to overcome that," he says.
However, van Eyk says the research house had already been in recruitment mode and would now extend its search to find a candidate capable of filling a much bigger role, with a shortlist already drawn up and an announcement due in the new year.
"We were already talking to a number of people in the market and I hope those talks will remain on track," he says.
Lazard is currently outperforming the market in both Australian and international equities but has had a troubled six months.
It lost half its global (ex-Australia) portfolio construction team in July which resulted in van Eyk Research moving to a hold position on the manager in international equities. The hold was lifted in September. It also lost a number of million dollar international equities mandates.
Prugue will take up the role later this month but refused to comment when contacted byMoney Management. His role will be taken over by Peter Smith in the interim while the research houses seeks a replacement.
Recommended for you
The strategic partnership with Oaktree Capital and AZ NGA is likely to pave the way for overseas players looking to enter the Australian financial advice market, according to experts.
ASIC has cancelled a Sydney AFSL for failing to pay a $64,000 AFCA determination related to inappropriate advice, which then had to be paid by the CSLR.
Increasing revenue per client is a strategic priority for over half of financial advice businesses, a new report has found, with documented processes being a key way to achieving this.
The education provider has encouraged all financial advisers to avoid a “last-minute scramble” in meeting education requirements prior to the 31 December 2025 deadline.
