State Street Appointed by Lazard Asset Management to Provide Investment Manager Operations Outsourcing Services

State Street wins this prestigious deal to insource Lazard's investment operations, which includes " trade settlement, portfolio administration, reconciliation, performance composite management, data management and preparation of client reports". I am curious why other back office processes remain at Lazard and why and and where there havedrawn the line...

As a result of this mandate, approximately 70 Lazard employees are expected to transfer to State Street. This remindes me a lot of the SGSS / Pioneer deal in Germany, only that they have outsourced middle and back office completely.

I wonder what kind of implications this has on the German business of Lazard, which still runs V3 in their back office...