Lazard is cutting up to 7% of its employees in its asset management division and closing some investment funds by year’s end, people familiar with the matter said, amid a tougher climate for money managers.

Lazard Asset Management, which employs more than 850 people globally and oversees $213.6bn in assets, told staffers of the cuts last week, one of the people said. The staff reductions, along with the decisions to shutter some investment strategies, follow a review of the business.