Lazard's deal talks with Brigade canceled over conflict concerns – Bloomberg

Lazard Ltd.'s deal discussions with Brigade Capital Management LP collapsed over a disagreement concerning limitations Lazard wanted to place on certain activities of Brigade, Bloomberg News reported, citing people with knowledge of the matter.

Bloomberg recently reported that Lazard was in advanced talks to acquire the $30 billion hedge fund firm. In a Nov. 11 report, the media outlet said senior executives at the investment bank have been told the deal discussions had fallen apart. Lazard reportedly sought to limit future activities of Brigade that could come in conflict with its restructuring advisory business, according to the report.

Brigade Chief Investment Officer and Managing Partner Don Morgan told Bloomberg the company has "decided to remain an independent partnership."

"We would not entertain any transaction that would seek to implement constraints on our investment process due to perceived conflicts or otherwise," Morgan said in a statement, according to Bloomberg.