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Investment bank Lazard has made changes to its shareholder advisory group, as part of a larger reorganization of its advisory business. The company has merged its capital markets business with the shareholder advisory unit, which advises companies on how to deal with activist investors.

Jim Rossman, previously co-head of shareholder advisory, will become co-head of the larger entity together with Mary Ann Deignan.

The moves, revealed by Lazard’s chief of financial advisory Peter Orszag to Bloomberg, are part of a broader reorganization, which includes a breakup of the technology, media and telecommunications (TMT) advisory unit. Lazard is dividing the TMT group, with one focusing on the technology sector and the other on telecom, media and entertainment.

Dennis Berman, who served as managing director in the shareholder advisory group, joined the media and telecommunications team.

“The new structure will bolster our blended approach in advising both large-cap public and mid-size sponsor-linked TMT clients,” Orszag said. “The realignment of our former TMT group underscores our ability to move quickly to seize market opportunities.”