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Lazard Asset Management to cut up to 7% of workforce

Lazard Ltd.'s asset management arm will lay off 6% to 7% of its staff by the end of the year, a person familiar with the matter confirmed.

The cuts at Lazard Asset Management LLC will coincide with the business closing down investment strategies across geographies that have failed to gather enough client assets, the person said. The decision was made following Lazard's annual review.

The layoff plans were first reported by The Wall Street Journal.

When reached, Lazard Asset Management declined to comment.