Lazard Asset Management has tapped a business unit of Citigroup as the operations service provider for its separately managed accounts business.

Lazard Asset Management, whose SMA business manages over 40,000 accounts with $13.6 billion in assets, picked Citigroup's Global Transaction Services following a thorough examination of internal and external servicing options, the company said.

Gerard Mazzari, chief operating officer of Lazard Asset Management, said farming out the company’s administrative and operating functions to Citigroup would allow it to focus on its core business.

"For us, just as significant as Citigroup’s capabilities in account management and record-keeping, is its innovative approach to solving some of the intractable problems in servicing SMA accounts," Mazzari said.

Lazard Asset Management manages approximately $73 billion for institutional clients and high-net-worth individuals. 

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