|Traded as||NYSE: LAZ|
New Orleans, Louisiana, U.S.
30 Rockefeller Plaza
New York City, New York, United States
|Kenneth M. Jacobs
(Chairman & CEO)
|Revenue||US$ 2.41 billion (2015)|
|US$ 993 million (2015)|
|AUM||US$ 186 billion (2015)|
Number of employees
Lazard is a financial advisory and asset management firm that engages in investment banking, asset management, and other financial services primarily with institutional clients. Its principal executive offices are in New York City, Paris and London.
Lazard was founded in 1848 and operates from 42 cities across 27 countries in North America, Europe, Asia, Australia, 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.
- 1 History
- 2 Business overview
- 3 Office locations
- 4 Management
- 5 Notable current and former employees
- 6 Books
- 7 See also
- 8 References
- 9 External links
On July 12, 1848, three jewish French brothers, Alexandre, Lazare, 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.
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.
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 England, 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 financier André Meyer. Meyer and Lazard partner Felix Rohatyn have been credited with virtually inventing the modern mergers and acquisitions (M&A) market.
In 1953, Lazard Investors Ltd began an asset management business in London, which is the origin of today’s Lazard Asset Management.
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.
In 2002, David-Weill hired Bruce Wasserstein to be CEO. Lazard became a public company, with nearly two-third of its shares owned by current and former employees in 2005. 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 sudden death in 2009, Lazard's Board of Directors elected Kenneth M. Jacobs Chairman and CEO.
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, 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. 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. In August 2016, Lazard, which advised SolarCity on its $2.6 billion sale to Tesla Motors, became aware of a computational error in certain spreadsheets provided by SolarCity, which Lazard had used in its original discounted cash flow analyses. The error caused Lazard to undervalue SolarCity by $400 million. SolarCity and Tesla agreed however that the error would not change their view of the deal, as the agreed upon price was still within the adjusted valuation range following correction of the error.
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 (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).
The bank operates from 42 cities across 27 countries.
- Alexandre Lazard, Lazare Lazard and Simon Lazard (founders)
- Alexandre Weill
- David David-Weill
- Pierre David-Weill
- André Meyer
- Michel David-Weill
- Bruce Wasserstein
Board of directors
Lazard's board of directors as of February 2015.
- Kenneth M. Jacobs
- Andrew Alper
- Ashish Bhutani
- Steven J. Heyer
- Sylvia Jay
- Philip Laskawy
- Laurent Mignon
- Richard Parsons
- Hal S. Scott
- Michael J. Turner
Notable current and former employees
- Marcus Agius - Chairman of Barclays
- Robert Agostinelli - Founder and Chairman of Rhône Group
- Tim Collins - Founder and CEO of Ripplewood Holdings
- Disque Deane - Chairman of Starrett City Associates
- Mina Gerowin - First woman banker hired by Lazard; later Managing Director Paulson Europe, LLC
- Sir Philip Hampton - Chairman of Royal Bank of Scotland, Former Chairman of Sainsbury's and UK Financial Investments Limited
- Hugh Kindersley, 2nd Baron Kindersley - Chairman of Lazard Brothers (London), 1953–1964
- Sebastian Kulczyk - son of Jan Kulczyk, Board member of Kulczyk Investments
- Steven Langman - Founder & Chairman of Rhône Group
- Jean-Marie Messier - Chairman & CEO of Vivendi (1996–2002)
- Andre Meyer - Famed American investment banker, advisor to Kennedy family, President Lyndon Johnson
- Archie Norman - Chairman ITV, Former Chairman & CEO of Asda
- Nelson Obus - Co-founder of Wynnefield Capital
- Gary Parr - American investment banker, Former Head of M&A at Morgan Stanley
- Mark Pincus - Internet entrepreneur, Co-founder of Zynga
- Lester Pollack - Founder of private equity firm Centre Partners
- Steven Rattner - Venture capitalist, Co-Founder of Quadrangle Group
- Gerald Rosenfeld - Former CEO Rothschild North America, Adjunct Professor at NYU Stern
- Nathaniel Rothschild - Co-Chairman of Atticus Capital LLC
- Bruce Wasserstein - American investment banker, Co-Founder of Wasserstein Perella
- Thomas Piquemal - CFO of French energy corporation Électricité de France
Politics and public service
- Jaime Bermúdez Merizalde - Former Colombian Minister of Foreign Affairs
- Ron Bloom - Senior official in the Obama Administration
- Robert Henry Brand, 1st Baron Brand - a member of "Milner's Kindergarten"
- Robert Fred Ellsworth - Former U.S. Congressman, U.S. Ambassador to NATO, Deputy Secretary of Defense, and Nixon adviser
- Vernon E. Jordan Jr. - Clinton adviser, Life member of the Council of Foreign Relations
- Paul Keating - Former Prime Minister of Australia
- Robert Kindersley, 1st Baron Kindersley - British public servant
- Anne Lauvergeon - Former diplomatic council to French President François Mitterrand, CEO Areva
- Lord Mandelson - British politician, held Cabinet positions under both Tony Blair and Gordon Brown
- Henrique de Campos Meirelles - Former president Banco Central do Brasil
- Andrew Mitchell - British Member of Parliament, current Secretary of State for International Development
- Peter R. Orszag - Former OMB Director, Former CBO Director
- Vincent S. Pérez - Philippine Secretary of Energy
- Rodrigo de Rato - Former Spanish Economy Minister, Head of International Monetary Fund
- Felix Rohatyn - U.S. Ambassador to France (1997–2000)
- Jenny Sanford - Former First Lady of South Carolina
- Simon Sebag Montefiore - British historian and writer
- Lindsay Tanner - Former Australian Minister for Finance and Deregulation
- Andrés Velasco - Former Finance Minister of Chile
- Antonio Weiss - Counselor to the Secretary of the US Treasury
- Bill White - Former mayor of Houston (3 terms) and U.S. Deputy Secretary of Energy under President Bill Clinton
- Frank G. Zarb - "Energy Czar" under President Gerald Ford, Former Chairman NASDAQ, Smith Barney
- Božidar Đelić - Former Minister of Finance of Serbia
- Ngozi Okonjo-Iweala -" Senior Advisor" Former Minister of Finance, Nigeria, Former Vice-President, Corporate Secretary of the World Bank Group.
- de Rougemont, Guy D. (2010). Lazard Frères: Banquiers des Deux Mondes (1840-1939). Paris: Fayard. ISBN 978-2-213-66125-4.
- Cohan, William D. (2007). The Last Tycoons: The Secret History of Lazard Frères & Co. New York: Doubleday. ISBN 0-385-51451-4.
- Geisst, Charles R (2001). The Last Partnerships: Inside the Great Wall Street Money Dynasties. New York: McGraw-Hill. ISBN 0-07-136999-6.
- Reich, Cary (1983). Financier: The Biography of André Meyer: A Story of Money, Power, and the Reshaping of American Business. New York: William Morrow & Co. ISBN 0-688-01551-4.
- Solomon Lazard, who some claim founded Lazard Frères
- "Lazard Ltd Form 10-K - Annual Report". Nasdaq OMX investor. February 25, 2016.
- Guy de Rougemont, Lazard Frères, Banquiers des Deux Mondes (1840-1939), Libraire Arthème Fayard, 2010
- "Insitutional Investor International Edition, November 2011 "The New House of Lazard"" (PDF). Retrieved July 29, 2013.
- "Lazard website - About Lazard". Retrieved July 26, 2013.
- William Cohan, Last Tycoons: The Secret History of Lazard Frères & Co, Doubleday, 2007
- "Lazard Names Kenneth Jacobs as Its New Chief". The New York Times. November 17, 2009.
- McCracken, Jeffrey (January 14, 2012). "Lazard Appoints Kurtz Restructuring Chief After Ridings, Savage". Bloomberg.
- "Lazard Reports 2013 fourth quarter earnings". Retrieved March 17, 2014.
- "Tesla Motors Form S-4 Registration Statement". U.S. Securities and Exchange Commission. Retrieved 23 November 2016.
- Reuters SolarCity adviser Lazard made mistake in Tesla deal analysis Sep 1, 2016
- "Lazard global offices". Lazard. Retrieved February 27, 2015.
- "Lazard website - About Lazard". Retrieved February 27, 2015.