Internal conflict rocks Lazard's fund business

Internal conflict over how Lazard's alternative fund business fits with the firm's long-only operations and remuneration issues has caused at least seven senior staff to depart the firm since Christmas.

The departure in early February of Lazard's managing director Rupert Tyer, was preceded by the departure of six high profile managers of the firm's long/short portfolios.

William von Mueffling, manager of Lazard's $1.2bn European Opportunities and $800m Worldwide Opportunities, left the group in J