Sean Gallagher, a Goldman Sachs Group veteran of some 18 years, has joined Lazard Ltd’s asset management unit to run a roughly $3bn business after shutting down his hedge fund, according to a report by Bloomberg.

The report cites a statement made by Lazard on Monday as confirming that Gallagher, 53, has been appointed as Global Head of Small-Cap Equities at the $220bn AUM firm.

Gallagher served Co-Chief Investment Officer of Goldman Sachs Inc's US equity business before forming hedge fund Connacht Asset Management in 2019, which according to people familiar with the matter has now largely liquidated its positions and is returning funds to investors. Two other Connacht employees are also moving to Lazard with Gallagher.

Connacht, which had 10 employees at its peak and focused on small- and mid-cap equities running both a long-only and a long-short fund, began dismissing staff in recent months after entering into negotiation with Lazard, according to Bloomberg's sources.