Lazard Asset Management is attempting to revive its ailing hedge fund business with the appointment of Robert Rowland, formerly of rival Soros Fund Management, to launch a European long/short equity hedge fund.

Rowland had been at Soros since 1996 and was responsible for managing around $1bn of hedge fund assets. He previously worked at Odey Asset Management, the $1.6bn London-based hedge fund run by Crispin Odey.