Business Background and Ownership
The Lazarus Partnership Limited (formerly known as Equity House Partners Limited) was formed
in June 2011 by David Knox as its 100% shareholder with its headquarters in London. Lazarus is a
privately owned limited company incorporated in the United Kingdom. In January 2014 McLean
Advisory Limited became a 25% shareholder of Lazarus, with David Knox holding the remaining
75% of the business. McLean Advisory Limited was then controlled 51.5% by Nicholas Gebbie
and 28.3% by David Knox.
On 18th February 2016, there was a restructuring which resulted in a change in ownership and
Lazarus is now 100% owned by McLean Advisory Limited (trading name of McLean Group). See
diagram below that shows the ownership structure as of March 2019;
In February 2014, Lazarus received approval from the United Kingdom Financial Conduct
Authority to provide services to professional clients including the provision of investment advice.
Details of the permissions given to Lazarus can be found using the following link:
http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=324546 Lazarus has received MIFID passports to do business in the following EEA countries: Denmark,
Ireland, Netherlands, Norway, and Germany during 2015-16.
Lazarus Services
Lazarus is an independent research provider. It provides a rigorous and detailed statistical
analysis of a broad range of indicators across the major economic geographies to corporate and
institutional clients We maintain comprehensive databases which have been developed over
many years to cater for the evolving needs of our clients. Our Briefing products provide clients
with a timely and accessible analysis of developments in an exhaustive range of economic and
financial market indicators.
Lazarus does not provide financial planning services, participate in wrap fee programmes nor
does it advise clients in the selection of investments.
Lazarus does not provide any execution services nor does it engage in any activity which
amounts to traditional investment banking services to issuers. As a consequence it considers
itself to be without conflicts of interest.
For the avoidance of doubt, Lazarus does not manage nor have any assets under management
although it does provide research services to clients who do provide such services.
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Lazarus provides its research to clients through a transparent subscription-based service.
Payments may be made quarterly.
Given Lazarus does not provide any custody or transaction/brokerage based services, clients will
not be charged for such services accordingly.
Bespoke arrangements can be agreed with issuers to provide tailored advice and for which a
negotiated fee will be arranged.
The table below sets out the fee schedule and which is provided to all clients at inception and
forms part of the terms of business with Lazarus.
Sample pricing menu as at November 2019 Lazarus Economics and Strategy annual subscription rates
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Lazarus provides advisory services to mainly professional institutional investors only, including
mutual funds, hedge funds and listed issuers. It does not provide any such services to retail
investors. Lazarus will not consider accounts which do not meet the size criteria of major US
Institutional Investor and US Institutional Investor i .e . has, or has under management, total
assets in excess of $100m.
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Lazarus provides only intelligent, independent, fact-based research and strategic advice to its clients
in relation to the UK economy. The senior team employed by Lazarus have long careers in financial
services and other professional services sectors which have been gained over two decades.
Lazarus considers that its research product is free from conflict. We believe our analysts are more
able to provide narrative based on our proprietary databases which look at trends as well as
qualitative and quantitative data. Whilst the products on offer from Lazarus do not seek to provide
price targets or recommendations, it will highlight economic factors which seek to identify
investment opportunities and issuers with above average share performances and returns and an
attractive long term growth performance.
Risks:
Investing in securities involves risk of loss that clients should understand and be prepared to
withstand.
The value of securities may decline due to movement in the overall stock market.
The value of securities may decline in value even when the overall stock market is not in general
decline.
UK stocks may be subject to greater levels of volatility than U.S. Securities due to differences in
economic and political factors, the amount of publicly available information, market regulation,
accounting and accounting standards and in some instances foreign currency fluctuations.
Market conditions, interest rates and economic, regulatory or financial developments could affect all
securities in a single sector if investments are weighted heavily in that single sector.
Other risks include investments in Initial Public Offerings (IPOs) due to the uncertainty of prices and
the absence of a prior public market.
Reliance on past performance and forward looking information:
Lazarus makes all reasonable efforts to provide information which is accurate at the time of publishing its reports but relies on the accuracy of publicly available information. Past performance is not necessarily a guide to future performance. Research reports produced by Lazarus may contain forward looking information or statements that are based on assumptions forecasts and estimates not yet determinable, and therefore involve known and unknown risks, and other facts which impact the performance of achievement of the subject matter of the reports or to be materially different from expectation.
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Lazarus does not have any material disciplinary matters to which it has been subject to disclose. This
includes any legal action or claims made for breach of fiduciary or contractual obligations.
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Lazarus is not registered as a broker dealer under the Exchange Act nor does it currently intend to do
so. For the avoidance of doubt, Lazarus does not have any affiliations with a broker dealer who
might otherwise be described as a related person.
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(i) Code of Ethics
All Lazarus employees are expected to maintain the highest standards of business behaviour and to
preserve the reputation of Lazarus as being truly independent. The interests of clients are
paramount and are always given priority over those of Lazarus or its employees.
All Lazarus employees must comply with the Compliance Manual which contain policies requiring
compliance with its contents including rules relating to protection of Material Non-Public
Information (MNPI), identifying, managing, mitigating and recording conflicts of interest as they arise
and rules affecting the declaration of outside business interests, Gifts and Entertainment and
Personal Account Trading.
Lazarus does not engage in proprietary or agency trading activities.
Lazarus also maintains policies in relation to preventing inducements and anti-bribery and
corruption.
(ii) Personal Account Trading
The Lazarus policy on Personal Account Trading does not permit analysts to trade in securities if they
hold MNPI or if there is a conflict of interest. In any event, all requests to trade must be pre-cleared
by the Chief Executive Officer of Lazarus.
In addition, all trading accounts must be disclosed to the Compliance Officer and all trade
confirmations must be sent to the Compliance Officer following each trade.
Furthermore, employees are prohibited from encouraging or inducing others to trade on their behalf
where permission has been denied.
Further information relating to the Code of Ethics and Compliance arrangements can be provided on
request to any client or prospective client by contacting
[email protected].
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Lazarus does not have funds under management or provide any custody services to investment
managers’ and therefore it does not hold client accounts.
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No economic benefits, including sales awards or prizes, are received by Lazarus or employees of
Lazarus. For the avoidance of doubt, Lazarus does not compensate any person for client referrals
unless under its employment.
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Lazarus does not have, nor does it seek to have, discretionary authority to manage securities
accounts on behalf of its clients.
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Lazarus has no financial commitment that impairs its ability to meet contractual and fiduciary
commitments to clients and has never been the subject of a bankruptcy petition in its existence.
Furthermore, none of the Directors of Lazarus has been found liable in any criminal or civil claim
relating to its business activities.
The draft 31st December 2017 balance sheet is summarised below:
Fixed Assets £116,446
Trade debtors £252,969
Other debtors £1,258,798
Cash at bank £63,199
£1,574,966
Trade creditors £158,713
Other creditors £1,487,138
£1,645,851
Current assets less current liabilities (£70,885)
Total assets less current liabilities £45,561
This Brochure Supplement provides information about David Knox that supplements the Lazarus
Partnership Limited Brochure. You should have received a copy of that Brochure. Please contact
Katherine Cunniffe at
[email protected] if you do not receive The Lazarus
Partnership Limited Brochure or if you have any questions about the contents of this supplement.
The information in this brochure supplement has not been approved or verified by the United States
Securities and Exchange Commission (SEC) or by any state authority.
David Knox
Chief Executive Officer -The Lazarus Partnership Limited
Date of Birth: 1965
University: University of Southampton
Financial Conduct Authority (FCA) – current status: Controlled Functions CF1 (Director), CF3 (Chief
Executive), CF30 (Customer)
Mr Knox is the founder and Chief Executive Officer of Lazarus. He has spent more than 20 years
advising within Financial Markets and was Head of Research and a member of the Executive
Management Committee at JPMorgan Cazenove, where he was employed from 1994 to 2010. Mr
Knox was CEO of Oriel Securities where he was employed from June 2012 to February 2013.
Item 2 – Disciplinary Information
There are no legal or disciplinary events to disclose relating to David Knox.
Item 3 – Other Business Activities
Mr Knox does not engage in any other investment related business activity and does not hold any
other role paid or otherwise which would impact his ability to hold his position at Lazarus.
Item 4 – Additional Compensation
Mr Knox does not receive compensation for any non-client source for providing advisory services.
Item 5 – Supervision
Mr Knox is predominately responsible for the oversight of all teams under his management. He does
occasionally provide investment advice to clients but this is not his primary role.
Mr Knox can be reached at
[email protected] or on +44 (0)20 3725 3725.
This Brochure Supplement provides information about Nicholas Gebbie that supplements the
Lazarus Partnership Limited Brochure. You should have received a copy of that Brochure. Please
contact Katherine Cunniffe at
[email protected] if you do not receive The
Lazarus Partnership Limited Brochure or if you have any questions about the contents of this
supplement. The information in this brochure supplement has not been approved or verified by the
United States Securities and Exchange Commission (SEC) or by any state authority.
Nicholas Gebbie
Chief Executive Officer – McLean Advisory Limited
Date of Birth: 1978
University: University of Nottingham
Financial Conduct Authority (FCA) – current status: Controlled Functions CF1 (Director)
Mr Gebbie founded The McLean Partnership in 2006, a Professional Services Firm specialising in
Executive Search, Interim Management and Management Consultancy. He started his career at The
Bloomfield Group in 2000 and has spent more than 15 years offering advisory services to
Institutional clients in Financial Services and Corporate and Private Companies in Industry and
Commerce.
Item 2 – Disciplinary Information
There are no legal or disciplinary events to disclose relating to Mr Gebbie.
Item 3 – Other Business Activities
Mr Gebbie does not hold any other role which would impact his ability to hold his position at
Lazarus. Mr Gebbie does on occasion become involved in conversations with clients of Mclean Group
that could be investment related, which are incidental to his role at Mclean Group. Mr Gebbie holds
the relevant regulatory approvals for this role and any conflicts are managed centrally by the
Compliance function.
Item 4 – Additional Compensation
Mr Gebbie’s primary employment is as the CEO at McLean Advisory, a Professional Services firm and
parent company of the Lazarus Partnership.
Item 5 – Supervision
Mr Gebbie is responsible for the oversight of all teams and businesses under his management.
Mr Gebbie can be reached at
[email protected] or on +44 (0)20 3597 6402.
This Brochure Supplement provides information about Darren Winder that supplements the Lazarus
Partnership Limited Brochure. You should have received a copy of that Brochure. Please contact
KatherineCunniffe at
[email protected] if you do not receive The Lazarus
Partnership Limited Brochure or if you have any questions about the contents of this supplement.
The information in this brochure supplement has not been approved or verified by the United States
Securities and Exchange Commission (SEC) or by any state authority.
Darren Winder Economics & Strategy
Date of Birth: 1965
University: University of Sheffield
Financial Conduct Authority (FCA) – current status: CF30 (Customer)
Mr Winder has 30 years of experience in the UK market working as an Economist and Strategist
within the Bank of England from 1988 to 1993 and more recently with SG Warburg/UBS from 1993
to 2006; J.P. Morgan Cazenove as Head of UK Economics and Strategy from 2006 to 2010 and at
Oriel Securities as Head of Economics and Strategy from 2010 to 2013.
Item 2 – Disciplinary Information
There are no legal or disciplinary events to disclose relating to Mr Winder.
Item 3 – Other Business Activities
Mr Winder does not engage in any other investment related business activity and does not hold any
other role paid or otherwise which would impact his ability to hold his position at Lazarus.
Item 4 – Additional Compensation
Mr Winder does not receive compensation for any non-client source for providing advisory services.
Item 5 – Supervision
Mr Winder is responsible for the production of the Economics and Strategy products for Lazarus. He
reports to and is supervised by the Chief Executive Officer of Lazarus.
Mr Winder can be reached at
[email protected] or on +44 (0)20 3725 3726.
This Brochure Supplement provides information about Katherine Cunniffe that supplements the
Lazarus Partnership Limited Brochure. You should have received a copy of that Brochure. Please
contac
t Katherine Cunniffe at
[email protected] if you do not receive The
Lazarus Partnership Limited Brochure or if you have any questions about the contents of this
supplement. The information in this brochure supplement has not been approved or verified by the
United States Securities and Exchange Commission (SEC) or by any state authority.
Katherine Cunniffe Commercial and Client Management
Date of Birth: 1975
University : University of Kent
Financial Conduct Authority (FCA) – current status: CF30 (Customer)
Mrs Cunniffe has over 20 years’ experience in financial services. A qualified accountant, she spent 14
years in equity sales at J.P.Morgan Cazenove and then joined the founding team at ingage, a fintech
startup offering a ground-breaking corporate access software solution.
Item 2 – Disciplinary Information
There are no legal or disciplinary events to disclose relating to Mrs Cunniffe.
Item 3 – Other Business Activities
Mrs Cunniffe does not engage in any other investment related business activity and does not hold
any other role paid or otherwise which would impact his ability to hold her position at Lazarus.
Item 4 – Additional Compensation
Mrs Cunniffe does not receive compensation for any non-client source for providing advisory
services.
Item 5 – Supervision
Mrs Cunniffe is responsible for Client Management and New Business Development. She reports to
and is supervised by the Chief Executive Officer of Lazarus.
Mrs Cunniffe can be reached at
[email protected] or on +44 (0)20 3725 3722.
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