Lazard Is Said in Talks to Buy Hedge Fund Brigade in Credit Push

Investment bank Lazard Ltd. is in advanced talks to acquire hedge fund firm Brigade Capital Management, according to people with knowledge of the matter.

The $30 billion credit-investment firm, run by Don Morgan, is close to inking a deal with New York-based Lazard that will add to its asset-management business, the people said, asking not to be identified discussing private information. A spokesman for Brigade declined to comment, and a representative for Lazard didn’t immediately respond to requests for comment.

Large financial firms are increasingly looking for ways to expand in alternative investments, where the promise of higher ...