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Lazard

{{Short description|American investment bank}}

{{other uses}}

{{Infobox company

| name = Lazard Inc.

| logo = Lazard wordmark.svg

| logo_size = 250

| image = GE-Bldg 30-Rockefeller-Plaza NYC 2012.jpg

| image_size = 250px

| image_caption = Headquarters at 30 Rockefeller Plaza

| type = Public

| former_names = {{ubl|Lazard Ltd| Lazard Frères & Co.}}

| traded_as = {{ubl|{{NYSE|LAZ}} (Class A)|Russell 1000 component}}

| founders = {{ubl|Alexandre Lazard|Lazare Lazard|Simon Lazard}}

| key_people = {{ubl|Peter R. Orszag (CEO and Chairman)|Dan Schulman (Lead Independent Director)| Raymond J. McGuire (President)}}

| industry = Financial services

| products = {{ubl|Financial services|Investment banking|Investment management}}

| revenue = {{nowrap|{{increase}} {{US$|3.05 billion|link=yes}} (2024)}}

| operating_income = {{nowrap|{{increase}} {{US$|386 million}} (2024)}}

| net_income = {{nowrap|{{increase}} {{US$|280 million}} (2024)}}

| assets = {{nowrap|{{increase}} {{US$|4.79 billion}} (2024)}}

| equity = {{nowrap|{{increase}} {{US$|636 million}} (2024)}}

| aum = {{decrease}} {{US$|226 billion}} (2024)

| num_employees = 3,263 (2024)

| homepage = {{URL|lazard.com}}

| foundation = {{start date and age|1848|7|12}}
New Orleans, Louisiana, U.S.

| location = 30 Rockefeller Plaza, {{nowrap|New York City, U.S.}}

| footnotes ={{cite web |title=Lazard Inc. Annual Report (Form 10-K) |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1311370/000162828025007441/laz-20241231.htm |publisher=U.S. Securities and Exchange Commission |date=24 February 2025}}

}}

Lazard Inc. (formerly known as Lazard Ltd and Lazard Frères & Co.) is a financial advisory and asset management firm that engages in investment banking, asset management and other financial services, primarily with institutional clients. It is the world's largest independent investment bank, with principal executive offices in New York City, Paris and London.{{Cite news |last1=Indap |first1=Sujeet |last2=Massoudi |first2=Arash |last3=Fontanella-Khan |first3=James |date=September 8, 2015 |title=Investment banking: Walking away from Wall Street |work=Financial Times |url=https://www.ft.com/content/d99d271c-5545-11e5-8642-453585f2cfcd}}

Lazard was founded in 1848 and operates from 41 cities across 26 countries in North America, Europe, Asia, Australia, and Central and South America. The firm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments and individuals.{{cite web |title=Lazard Ltd Annual Report (Form 10-K) |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1311370/000156459022007675/laz-10k_20211231.htm |publisher=U.S. Securities and Exchange Commission |access-date=12 April 2022 |date=28 February 2022}}

History

=Early years=

On July 12, 1848, three French brothers, Alexandre Lazard, Lazare Lazard, and Simon Lazard, founded Lazard Frères & Co. as a dry goods merchant store in New Orleans, Louisiana. By 1851, Simon and two more brothers, Maurice and Elie, had all moved to San Francisco, California, while Alexandre moved to New York. Lazard Frères began to serve miners engaged in the California Gold Rush, and soon expanded into banking and foreign exchange.Guy de Rougemont, Lazard Frères, Banquiers des Deux Mondes (1840–1939), Librairie Arthème Fayard, 2010

In 1854, Alexandre Lazard moved to Paris, France, where he opened an office to complement the U.S. business. The firm began advising the French government on gold buying. In 1870, the firm continued to expand its international operations, opening an office in London as well.

The name "Lazard Frères" means "Lazard Brothers" or "the Brothers Lazard" in French. It refers to associations of the Lazard brothers to form various financial services institutions with world-wide offices and investments.

=The Three Houses of Lazard=

In the late 1800s and early 1900s, the firm evolved into three "Houses of Lazard" in the United States, France, and the United Kingdom, separately managed but allied. The Lazard partners advised clients on financial matters and built a cross-border network of high-level relationships in business and government. Noted financial advisor George Blumenthal rose to prominence as the head of the U.S. branch of Lazard Frères and was a partner of Lazard Frères in France.

In the economic boom following World War II, the American operations of Lazard expanded significantly under the leadership of the French financier André Meyer. Meyer and Lazard partner Felix Rohatyn have been credited with virtually inventing the modern mergers and acquisitions (M&A) market.{{Cite web |title=Institutional Investor International Edition, November 2011 "The New House of Lazard" |url=http://www.lazard.com/media/16088/iimag_nov_2011_lazard.pdf |url-status=dead |archive-url=https://web.archive.org/web/20130509005542/http://www.lazard.com/media/16088/iimag_nov_2011_lazard.pdf |archive-date=May 9, 2013 |access-date=July 29, 2013}}

In 1953, Lazard Investors Ltd began an asset management business in London, which is the origin of today's Lazard Asset Management.{{Cite web |title=Lazard website – About Lazard |url=http://www.lazard.com/about-lazard/history |access-date=July 26, 2013}}

=A unified firm=

In 1977, as the health of Meyer began to deteriorate, the firm came to be controlled by Michel David-Weill. Under his leadership, the three houses of Lazard were formally united in 2000 as Lazard LLC.William Cohan, Last Tycoons: The Secret History of Lazard Frères & Co, Doubleday, 2007

In 2002, David-Weill hired Bruce Wasserstein to be CEO. Lazard became a public company in 2005, with nearly two-thirds of its shares owned by current and former employees. Wasserstein became its first chairman and CEO. In connection with the initial public offering (IPO), Lazard spun off its broker-dealer business, Lazard Capital Markets.

Following Wasserstein's death in 2009, Lazard's board of directors elected Kenneth M. Jacobs as chairman and CEO.{{Cite news |date=November 17, 2009 |title=Lazard Names Kenneth Jacobs as Its New Chief |work=The New York Times |url=https://dealbook.nytimes.com/2009/11/17/lazard-names-jacobs-as-chairman-and-ceo/}}

Lazard invested in a startup investment bank, Independence Point Advisors, in late 2021.{{cite news |last1=Schatzker |first1=Erik |title=Lazard Backs Wall Street Diversity With ‘Salomon Sisters’ Stake |url=https://www.bloomberg.com/news/articles/2021-11-22/lazard-backs-wall-street-diversity-with-salomon-sisters-stake?srnd=premium&sref=CIpmV6x8 |access-date=22 November 2021 |work=www.bloomberg.com |date=22 November 2021}}{{cite news |last1=Schatzker |first1=Erik |last2=Natarajan |first2=Sridhar |last3=Baker |first3=Liana |title=‘Salomon Sisters’ Is Coming to Wall Street, Backed by Lazard |url=https://www.bloomberg.com/news/articles/2021-09-24/-salomon-sisters-is-coming-to-wall-street-as-a-women-owned-bank?sref=CIpmV6x8 |access-date=22 November 2021 |date=24 September 2021}}

On May 26, 2023, the firm announced that Peter R. Orszag, CEO of Financial Advisory, had been unanimously elected by its Board to serve as CEO of Lazard and as a Board Director, effective October 1, 2023.{{Cite news |date=May 26, 2023 |title=Lazard Appoints Peter R. Orszag as CEO and Kenneth M. Jacobs as Executive Chairman |work=Lazard.com |url=https://www.lazard.com/news-announcements/lazard-appoints-peter-r-orszag-as-ceo-and-kenneth-m-jacobs-as-executive-chairman/}} Orszag became chief executive officer of Lazard on October 1, 2023.{{cite news |last1=Hirsch |first1=Lauren |title=Lazard Names Peter Orszag to Succeed Ken Jacobs as C.E.O. |url=https://www.nytimes.com/2023/05/26/business/dealbook/lazard-ceo-orszag.html |access-date=1 October 2023 |work=The New York Times |date=May 26, 2023}} On January 1, 2025, Orszag's also became the Chairman of Lazard's Board of Directors.{{Cite news |last=Gillespie |first=Todd |date=2024-11-25 |title=Lazard Appoints Orszag to Chair Board as Ken Jacobs Steps Back |url=https://news.bloomberglaw.com/mergers-and-acquisitions/lazard-appoints-orszag-to-chair-board-as-ken-jacobs-steps-back |archive-url=http://web.archive.org/web/20250120125427/https://news.bloomberglaw.com/mergers-and-acquisitions/lazard-appoints-orszag-to-chair-board-as-ken-jacobs-steps-back |archive-date=2025-01-20 |access-date=2025-06-05 |work=Bloomberg Law |language=en}}

The publicly traded partnership Lazard Ltd was reincorporated under the Delaware General Corporation Law effective January 1, 2024 and changed its name from Lazard Ltd to Lazard, Inc.{{Cite web |title=Lazard Ltd Completes Conversion to a U.S. C-Corporation and is Renamed Lazard, Inc. |url=https://www.lazard.com/news-announcements/lazard-ltd-completes-conversion-to-a-us-c-corporation-and-is-renamed-lazard-inc/ |access-date=2024-01-27 |website=Lazard.com |language=en}}

In 2025, Lazard and alternative credit firm Arini Capital Management have formed a strategic alliance to collaborate on sourcing and direct lending opportunities across Europe, the Middle East, and Africa.{{Cite web |date=2025-03-25 |title=Lazard and alt credit firm Arini team up for EMEA direct lending deals |url=https://www.pionline.com/alternatives/lazard-arini-capital-management-team-emea-direct-lending-deals |access-date=2025-03-26 |website=Pensions & Investments |language=en}}

Business overview

=Financial advisory=

Lazard advises clients on a wide range of strategic and financial issues. These may include advising on the potential acquisition of another company, business or certain assets, or on the sale of certain businesses, assets or an entire company. The firm also advises on alternatives to a sale such as recapitalizations, spin-offs, carve-outs and split-offs. For companies in financial distress or their creditors, Lazard advises on all aspects of restructuring. The firm has advised on many of the largest restructuring assignments during and after the 2008 financial crisis.{{Cite news |last=McCracken |first=Jeffrey |date=January 14, 2012 |title=Lazard Appoints Kurtz Restructuring Chief After Ridings, Savage |work=Bloomberg |url=https://www.bloomberg.com/news/2012-01-13/lazard-names-kurtz-restructuring-chief-to-take-over-from-ridings-savage.html}} Lazard also advises on capital structure and capital raising. Capital structure advice includes reviewing and analyzing structural alternatives and assisting in long-term planning. Capital raising advice includes private and public market financing. Lazard's Sovereign Advisory group advises governments and sovereign entities on policy and financial issues.{{Cite web |title=Lazard Reports 2013 fourth quarter earnings |url=http://investor.shareholder.com/lazard/releasedetail.cfm?ReleaseID=823374 |url-status=dead |archive-url=https://web.archive.org/web/20140429161604/http://investor.shareholder.com/lazard/releasedetail.cfm?ReleaseID=823374 |archive-date=April 29, 2014 |access-date=March 17, 2014}}

=Asset management=

Lazard's asset management business provides investment management and financial advisory services to institutional clients, financial intermediaries, private clients, and investment vehicles around the world. The firm manages assets on behalf of institutional clients (corporations, labor unions, public pension funds, endowments, foundations, insurance companies, and banks; and through sub-advisory relationships, mutual fund sponsors, broker-dealers and registered advisors) and individual clients (principally family offices and high-net-worth individuals).

Office locations

The bank operates from 39 cities across 22 countries.{{Cite web |title=Locations {{!}} Lazard |url=https://www.lazard.com/about-lazard/locations/?r=All+regions |access-date=2024-12-08 |website=www.lazard.com |language=en}}

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In Paris, the Lazard offices were located successively at 17, boulevard Poissonnière (1885–1907); 5–7, rue Pillet-Will (1907–1979); 141, boulevard Haussmann (1979–2020);{{citation |title=Jean Guyot : Un financier humaniste |author=Alessandro Giacone |publisher=CNRS Editions |date=2015 }} and 175, boulevard Haussmann (since September 2020).{{cite web |website=Lazard |title=Lazard Inaugurates its New Investment Banking Office in Paris |date={{date|2010/09/10}} |url=https://www.lazard.com/media/451368/20200910_cp_175h_en.pdf }}

Lazard's New York City headquarters spans the top floors of 30 Rockefeller Plaza,{{Cite web |date=15 March 2011 |title=Lazard Takes More of 30 Rock |url=https://observer.com/2011/03/lazard-takes-more-of-30-rock/ |website=observer.com}} including what used to be Room 5600, the former offices of the Rockefeller family dynasty.{{Cite web |last=Makarechi |first=Kia |title=Rockefeller Family Leaving 30 Rockefeller Center for the First Time |url=https://www.vanityfair.com/news/business/2014/11/rockefeller-family-leaving-30-rockefeller-center |website=The Hive|date=24 November 2014 }}

File:Poissonniere17.jpg|17, boulevard Poissonnière, Paris

File:PilletWill5.jpg|5-7, rue Pillet-Will, Paris

File:Haussmann121.jpg|121, boulevard Haussmann, Paris

File:HaussmannLazard.jpg|175, boulevard Haussmann, Paris

Management

=Past chairmen=

=Board of directors=

Lazard's board of directors as of January 2025:{{cite web|title=Leadership and Board Lazard|url=https://www.lazard.com/our-people/leadership-board/|date=31 December 2024}}

Notable current and former employees

=Business=

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=Politics and public service=

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=Other=

Books

  • {{Cite book |last=de Rougemont, Guy D. |title=Lazard Frères: Banquiers des Deux Mondes (1840–1939) |publisher=Fayard |year=2010 |isbn=978-2-213-66125-4 |location=Paris}}
  • {{Cite book |last=Cohan, William D. |title=The Last Tycoons: The Secret History of Lazard Frères & Co. |publisher=Doubleday |year=2007 |isbn=978-0-385-51451-4 |location=New York}}
  • {{Cite book |last=Geisst |first=Charles R |url=https://archive.org/details/lastpartnerships00geis |title=The Last Partnerships: Inside the Great Wall Street Money Dynasties |publisher=McGraw-Hill |year=2001 |isbn=0-07-136999-6 |location=New York}}
  • {{Cite book |last=Reich |first=Cary |url=https://archive.org/details/financierbiograp00reic |title=Financier: The Biography of André Meyer: A Story of Money, Power, and the Reshaping of American Business |publisher=William Morrow & Co. |year=1983 |isbn=0-688-01551-4 |location=New York}}

See also

  • List of investment banks
  • Boutique investment bank
  • Lazard Station in Montreal was built in 1918 and believed to be named in their honor as the firm was responsible for financing the Mont Royal Tunnel.{{cite web|last=Walton|first=Mark|title=The Mount Royal Tunnel Electrification|url=http://www.railways.incanada.net/candate/tunnel.htm|work=Colin Churcher's Railway Pages|date=June 6, 2000|url-status=dead|archiveurl=https://web.archive.org/web/20120118181118/http://www.railways.incanada.net/candate/tunnel.htm|archivedate=January 18, 2012}} Renamed in 1926 as Val-Royal and demolished in 1995.

References

{{Reflist}}

External links

  • {{Official|https://www.lazard.com}}
  • [https://www.lazardassetmanagement.com Lazard Asset Management]

{{Finance links

| name = Lazard Inc.

| symbol = LAZ

| sec_cik = 1311370

| yahoo = LAZ

| google = LAZ

}}

{{Lazard}}

{{Major investment banks}}

{{Authority control}}

Category:Investment banks in the United States

Category:Banks established in 1848

Category:Financial services companies established in 1848

Category:Companies listed on the New York Stock Exchange

Category:1848 establishments in Louisiana

Category:Lazard family

Category:Multinational banks

Category:Asset management companies