Evan L. Russo was named chief executive officer of Lazard's asset management business, succeeding Ashish Bhutani, who will retire, effective June 1, the money manager announced Wednesday.
A spokeswoman for Lazard said the asset management business includes Lazard Asset Management and LFG (Europe),
Mr. Russo, currently the chief financial officer of parent corporation Lazard Ltd., will continue in that role and work with Kenneth M. Jacobs, chairman and CEO of Lazard Ltd., to "expeditiously identify his successor," Lazard Ltd. said in a news release.
Mr. Bhutani will also retire from the board of directors of Lazard Ltd. to "pursue philanthropic and personal interests," the release noted. However, Mr. Bhutani will remain chairman of Lazard's asset management business and vice chairman of Lazard Ltd. through the end of the year.
In addition, Alexander F. Stern will retire as president of Lazard Ltd. at year-end, the company said in the release.
Lazard Asset Management had $251.6 billion in assets under management as of Feb. 28, according to a spokeswoman.
