State Street Corp. of Boston has been appointed by Lazard Asset Management (LAM) to provide a range of investment services, including trade settlement, portfolio administration, reconciliation, performance composite management, data management and preparation of client reports.

The services will support the majority of Lazard's $134.1 billion in assets that are managed by LAM for its clients, the financial services provider said.

As a result of the agreement, approximately 70 Lazard employees are expected to transfer to State Street.