Lazard has parted ways with one of the co-heads of its debt advisory group in London, at a time when record low interest rates have led to a high level of debt issuance in Europe.

Michael Grayer, who joined Lazard in 2008 from GE Commercial Finance, has left in recent weeks, according to people familiar with the matter. Ranjit Munro, a former Rothschild banker who was co-head of the debt advisory group alongside Grayer, will now take sole charge of the group, one of these people said.