BUZZ-Lazard dips after August outflows of $7.5 bln

Reuters09-13

** Shares of investment bank Lazard fall as much as 4.2%, last down 1.3% at $44.98

** LAZ saw net outflows of $7.5 bln in August, after one of its clients switched to a passive investing strategy

** Assets under management at LAZ fell sequentially to about $244.34 bln at the end of August, from $246.10 bln in July

** Bank was one of the several asset managers to be impacted, after the client restructured its developed market assets portfolio, a person familiar with the matter told Reuters on Thursday

** Passive investing is buying and holding investments with minimal portfolio changes and mostly centers around index funds

** As of last close, LAZ shares up 30.9% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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