(Reuters) - Investment bank Lazard Ltd is in advanced talks to acquire hedge fund firm Brigade Capital Management, Bloomberg News reported on Monday, citing people with knowledge of the matter. The news comes at a time when asset managers are exploring ways to bolster their profitability amid fierce competition and lower fees from the switch towards more passive investing by investors. Last week, Asset management firm T Rowe Price agreed to buy fund manager Oak Hill Advisors in a $4.2 billion cash-and-stock deal. Founded in 2006 and led by Don Morgan, Brigade Capital’s deal with Lazard will add to its asset management business, the report said. Both companies did not immediately respond to Reuters request for comment. Reporting by Mrinalika Roy in Bengaluru; Editing by Arun Koyyur