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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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