Lazard races back into the game

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New York-based Lazard Asset Management is understood to be close to bringing in a high-profile team to replace William von Mueffling and the other managers who walked out in January. They are offering a radical new pay structure to lock in the new team.

Lazard insiders say the firm is determined to rebuild the team quickly and are looking to expand the product range into fixed income, as well as finding a top level replacement for the European portfolio, which was the original flagship fund.

The firm, which has seen hedge fund assets shrink from almost $4 billion to significantly