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Businesswoman holding her box of belongings after being laid off
Lazard Ltd. LAZ, +0.56% is cutting up to 7% of its employees in its asset-management division and closing some investment funds by year’s end, people familiar with the matter said, amid a tougher climate for money managers.
Lazard Asset Management, which employs more than 850 people globally and oversees $213.6 billion in assets, told staffers of the cuts last week, one of the people said. The staff reductions, along with the decisions to shutter some investment strategies, follow a review of the business.
While Lazard takes a look at the business’s direction annually, this year’s review ended with the firm making steeper cuts than usual. Lazard is culling funds in several regions, and across multiple asset classes.
An expanded version of this story is available at WSJ.com.
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