Lazard Investment Funds has appointed State Street to provide trustee, custody and depositary services for more than £1.2bn (€1.96bn) in fund assets for 13 UK-authorised sub-fund open-ended investment companies (oeics), three unit trusts and one common investment fund in the UK.

The assets are moving from Lloyds TSB, which last year announced its intention of withdrawing from the custody business.