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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.<ref>Template:Cite news</ref>
Lazard was founded in 1848 and operates from 41 cities across 26 countries in North America, Europe, Asia, Australia, and Central and South America.<ref name="10-K 2021"/> 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.<ref name="10-K 2021">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
HistoryEdit
Early yearsEdit
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.<ref name=Rougemont>Guy de Rougemont, Lazard Frères, Banquiers des Deux Mondes (1840–1939), Librairie Arthème Fayard, 2010</ref>
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.<ref name=Rougemont/>
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 LazardEdit
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.<ref name=Rougemont/>
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.<ref name="lazard.com">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
In 1953, Lazard Investors Ltd began an asset management business in London, which is the origin of today's Lazard Asset Management.<ref name="Lazard website - About Lazard">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
A unified firmEdit
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.<ref name="Cohan, The Last Tycoons">William Cohan, Last Tycoons: The Secret History of Lazard Frères & Co, Doubleday, 2007</ref>
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.<ref name="lazard.com" />
Following Wasserstein's death in 2009, Lazard's board of directors elected Kenneth M. Jacobs as chairman and CEO.<ref>Template:Cite news</ref>
Lazard invested in a startup investment bank, Independence Point Advisors, in late 2021.<ref>Template:Cite news</ref><ref>Template:Cite news</ref>
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.<ref>Template:Cite news</ref> Orszag became chief executive officer of Lazard on October 1, 2023.<ref>Template:Cite news</ref>
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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
Business overviewEdit
Financial advisoryEdit
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 in the wake of the global financial crisis that began in mid-2007.<ref>Template:Cite news</ref> 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
Asset managementEdit
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).<ref name="10-K 2021" />
Office locationsEdit
The bank operates<ref name="10-K 2021" /> from 39 cities across 22 countries.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
- Template:Flagicon Amsterdam
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- Template:Flagicon Beijing
- Template:Flagicon Brussels
- Template:Flagicon Bordeaux
- Template:Flagicon Boston
- Template:Flagicon Charlotte
- Template:Flagicon Chicago
- Template:Flagicon Dubai
- Template:Flagicon Dublin
- Template:Flagicon Frankfurt
- Template:Flagicon Geneva
- Template:Flagicon Hamburg
- Template:Flagicon Hong Kong
- Template:Flagicon Houston
- Template:Flagicon London
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- Template:Flagicon Luxembourg
- Template:Flagicon Lyon
- Template:Flagicon Madrid
- Template:Flagicon Melbourne
- Template:Flagicon Milan
- Template:Flagicon Minneapolis
- Template:Flagicon Montreal
- Template:Flagicon Munich
- Template:Flagicon Nantes
- Template:Flagicon New York City
- Template:Flagicon Paris
- Template:Flagicon Riyadh
- Template:Flagicon San Francisco
- Template:Flagicon São Paulo
- Template:Flagicon Seoul
- Template:Flagicon Singapore
- Template:Flagicon Stockholm
- Template:Flagicon Sydney
- Template:Flagicon Tokyo
- Template:Flagicon Toronto
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In Paris, the Lazard offices were located successively at 17, boulevard Poissonnière (1885–1907);<ref name=Rougemont/> 5–7, rue Pillet-Will (1907–1979);<ref name=Rougemont/> 141, boulevard Haussmann (1979–2020);<ref>Template:Citation</ref> and 175, boulevard Haussmann (since September 2020).<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
Lazard's New York City headquarters spans the top floors of 30 Rockefeller Plaza,<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> including what used to be Room 5600, the former offices of the Rockefeller family dynasty.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
- Poissonniere17.jpg
17, boulevard Poissonnière, Paris
- PilletWill5.jpg
5-7, rue Pillet-Will, Paris
- Haussmann121.jpg
121, boulevard Haussmann, Paris
- HaussmannLazard.jpg
175, boulevard Haussmann, Paris
ManagementEdit
Past chairmenEdit
- Alexandre Lazard, Lazare Lazard and Simon Lazard (founders)
- Alexandre Weill
- David David-Weill
- Pierre David-Weill
- André Meyer
- Michel David-Weill
- Ken Costa
- Bruce Wasserstein
- Kenneth M. Jacobs
Board of directorsEdit
Lazard's board of directors as of January 2025:<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
- Peter R. Orszag
- Dan Schulman
- Andrew Alper
- Ann-Kristin Achleitner
- Stephen R. Howe, Jr.
- Michelle Jarrard
- Iris Knobloch
- Jane Mendillo
Notable current and former employeesEdit
BusinessEdit
Politics and public serviceEdit
OtherEdit
- George J. Ames – philanthropist, former general partner of Lazard
- Paul Baerwald – banker and philanthropist, Chairman of the American Jewish Joint Distribution Committee
- William D. Cohan – Contributing editor at Fortune, Award-winning author
BooksEdit
See alsoEdit
- 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.<ref>{{#invoke:citation/CS1|citation
|CitationClass=web }}</ref> Renamed in 1926 as Val-Royal and demolished in 1995.