The asset management business of Lazard has confirmed that Christopher Hogbin will join the firm as CEO, effective in December.

Hogbin will move from AllianceBernstein, where he most recently held the position of global head of investments. He has spent the majority of his 27-year career at the firm, first joining in 2005 as an analyst in the food retail sector in London. He has held roles including head of equities and director of Asian and European sell-side research during his tenure, helping to grow the firm's research function over that time.

The move follows the decision of Evan Russo to retire after 18 years at the firm. Russo started off as a director in 2007 and was appointed as CEO in June 2022. He will take on an advisory role at Lazard following the transition at the end of the year.

Recruiting a CEO from outside the firm can pose challenges for asset managers that rely on people to drive culture and investment acumen. Firms often prioritize the alignment of styles and cultural dynamics, but in this instance, Lazard has opted for Hogbin's near three decades of experience to lead the asset management business into the future.

New York-based Lazard Asset Management has approximately $248 billion in assets as of June 30 and offers equity, fixed income, and alternative investment products worldwide.