Lazard Deal Talks With Brigade Collapse Over Conflict Concerns

Investment bank Lazard Ltd.’s talks to acquire Brigade Capital Management LP fell apart over a disagreement on how to limit the money manager’s involvement in contentious distressed-debt negotiations.

Senior executives at the $30 billion investment firm were informed Thursday that deal discussions are dead, according to people with knowledge of the matter. Brigade was closing in on a deal with Lazard’s asset-management arm, Bloomberg News reported last week. One of the final sticking points involved limitations that Lazard sought to place on Brigade’s future activities that could be in conflict with its lucrative restructuring-advisory business, the people said, asking ...