Two New York City pension funds have decided to keep WR Lazard & Co. as manager of more than $400 million in assets, but will monitor the firm's performance indefinitely, a city official said yesterday.

"We have instituted an extraordinary due diligence and ongoing monitoring for the foreseeable future," said Jon Lukomnik, deputy city comptroller for pensions.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.