Macro Upheaval


Co-founder Nancy Lazar has left ISI Group to form a new macro research shop, Cornerstone Macro LP, taking with her François Trahan of Wolfe Trahan.  They are joined by ISI’s policy team, Andy Laperriere and Roberto Perli, which has been ranked #1 in Institutional Investor’s policy category for the past 2 years.

Nancy Lazar’s defection is surprising given her three decade tenure with Ed Hyman.  Lazar started working for Hyman at CJ Lawrence, after graduating from Kalamazoo College in 1979.  They left CJ Lawrence in 1991 to co-found International Strategy & Investment Inc., now known as ISI Group.

Andy Laperriere also had a long history with ISI, having joined the firm in 1999, fresh from a stint as a congressional staffer to Dick Armey.  Laperriere has been a top-ranked policy analyst for the last 10 years.

Lazar and Laperriere are not the first defections from ISI.  Jason Trennert left ISI where he had previously been its top-ranked Chief Investment Strategist in 2006 to form Strategas Research Partners LLC.  François Trahan joined Ed Wolfe in 2010 to form Wolfe Trahan after being Trennert’s replacement as Chief Investment Strategist at ISI.   Chris Senyek left ISI as a top-ranked head of Accounting & Tax Policy research in 2011 to join Wolfe Trahan.

As we noted at the time, the reported issue behind the defections wasn’t pay but ownership.  Ownership in ISI is tightly controlled by Ed Hyman.  However, Nancy Lazar was an owner of ISI, so it is likely that other factors came into play with her departure.

Meanwhile, Wolfe Trahan as reverted to Wolfe Research, and announced that Chris Senyek has been promoted to Chief Investment Strategist and Lead Quantitative Analyst.   He will also continue heading the Accounting & Tax Policy research team.

Cornerstone Macro press release:

Wolfe Research release:



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1 Comment

  1. Isi has gone downhill fast with terrible abusive management that has created a toxic work
    Environment. Lots of people getting out or trying to. Hyman drives out talent faster than he
    Can hire! Bunch of clowns.

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