The businesses are rolling out a new family office offering as part of their merger deal.

Lazard Asset Management has acquired US-based Truvvo Partners, a firm overseeing $4.8 billion of assets under management. As part of the deal, the firms have created Lazard Family Office Partners.

The new offering will run a total of $8 billion in assets, including LAM’s existing US private client business, and provide advice and investment solutions across public and private markets. 

Lazard Family Office Partners will integrate investment management, risk management, and family office services into one offering, Lazard said in a statement yesterday. Lazard’s total wealth management AuM, including assets in Europe, runs to about $22 billion.  

"Demand for sophisticated and innovative wealth management solutions is increasing as family offices navigate the ever-changing markets and economic environment," Evan Russo, chief executive of LAM, said.

Truvvo’s team, including partners Casey Whalen, Jerome Antenen, Alison Rosenzweig, Caitlin Reynolds and Danielle Roseman, will be based in the New York office.

The M&A deal isn't the only example of such deals creating family offices and larger FO offerings. At the start of this year, for example, US-based Tiedemann completed its merger with London-based Alvarium.