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Lazard Asset Management appoints State Street for operations outsourcing services

Posted: 21 August 2008

State Street Corporation, the world's leading provider of financial services to institutional investors, announced that it has been appointed by Lazard Asset Management (LAM) to provide investment manager operations outsourcing services.

State Street will provide LAM with a range of investment operations outsourcing services including trade settlement, portfolio administration, reconciliation, performance composite management, data management and preparation of client reports to support the majority of Lazard's $134.1 billion in assets (as of June 30, 2008) that are managed by LAM for its clients.

As a result of this mandate, approximately 70 Lazard employees are expected to transfer to State Street.

"We have worked together with Lazard on a variety of initiatives over the years and are pleased to continue adding value and expanding our relationship," said Jay Hooley, president and chief operating officer of State Street.

"We look forward to leveraging State Street's ongoing focus and investments in technology, while we continue to expand our global reach, diversify our offerings and provide world class investment solutions for our clients," said Ashish Bhutani, chief executive of Lazard Asset Management.

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