State Street Corp. of Boston has announced that it has been hired by Lazard Asset Management LLC to provide investment manager operations outsourcing services.
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State Street said Wednesday that it is to supply Lazard, an indirect subsidiary of Lazard Ltd., services including trade settlement, portfolio administration, reconciliation, performance composite management, data management, and preparation of client reports to support most of Lazard's $134.1 billion of assets under management.
This mandate will require about 70 Lazard employees to transfer to State Street.
The banking company said that it had $15.3 trillion of assets under custody at June 30, including $1.9 trillion under management.
