Lazard has hired the nine-strong investment trust team from Crédit Lyonnais following the French bank's closure of its UK equities business.

The high-profile group, led by Angelo Sofocleous, has joined Panmure, the stockbroking business acquired by Lazard last year. Richard Wyatt, head of capital markets at Lazard, said he had hired the team because it is profitable and is established in the investment trust business at a time when bulge-bracket firms have moved out.