] will fold its U.S. wealth management business to become part of Lazard Asset Management, reports Investment News
The move is part of a cost-cutting initiative announced in the third quarter, and comes just three years after the business was launched as a subsidiary, the trade publication reports.
According to InvestmentNews
, the investment bank and advisory firm isn't closing the business, though it is unclear whether or not the move will result in job losses for financial advisors.
Lazard's U.S. wealth management operations started in 2009, and the global asset management division reported $160 billion in AUM in September. No separate reports were reported by the asset management group.
To read more about the move, turn to Investment News
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