Lazard Asset Management has hired former Guggenheim Partners executive Loren Katzovitz in an effort to expand its alternatives business.

Based in New York, Katzovitz joins the €169.53 billion ($201 billion) firm as managing director, having previously launched Deimos Asset Management, a now non-functioning hedge fund platform built out of Guggenheim Partners.

He will be working across Lazard's alternative investment platform and will be responsible for initiatives to grow Lazard’s alternatives business on a global basis.

This will include recruiting, seeding, incubating and developing new investment strategies for the platform.

Katzovitz started his career in 1984 as vice president of the Bankers Trust and also held roles at Lehman Brothers, Kidder Peabody and RBC Capital Markets.

He joined Guggenheim Partners in 2002 as president and managing partner. However, last year, Katzovitz’s multi-strategy hedge fund, which was housed within Guggenheim Partners, closed its doors just two years after inception, due to a difficult fundraising environment.