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Lazard Freres

 

Lazard Freres

This article is about the investment bank. For other uses, see Lazard (disambiguation).
Lazard Ltd
Public
Traded as LAZ
Industry Financial Services
Founded 1848, New Orleans, Louisiana, United States
Founder(s) Alexandre Lazard
Lazare Lazard
Simon Lazard
Headquarters Hamilton, Bermuda
(incorporation)
30 Rockefeller Plaza
New York City
(operational)
Key people Kenneth M. Jacobs
(Chairman & CEO)
Products Financial Services
Investment Banking
Investment Management
Revenue Increase $1.905 billion (2012)
Net income Increase $175 million (2012)
AUM Increase $155.337 billion (2012)
Employees 2,513 (2012)
Website

Lazard (

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, 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.[2] 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.[1]

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 goal of Lazard's asset management business is to produce superior risk-adjusted investment returns and provide customized investment solutions for clients. 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). As of June 30, 2013, Lazard lists its Total Assets Under Management as $163bn.[3]

History

Early years

On July 12, 1848, three 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.[4]

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.[4]

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.[4]

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 M&A market.[5]

In 1953 Lazard Investors Ltd began an asset management business in London, which is the origin of today’s Lazard Asset Management.[6]

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.[7]

In 2002 David-Weill hired Bruce Wasserstein to be CEO. In 2005 Lazard became a public company, with nearly two-third of its shares owned by current and former employees. Wasserstein became its first Chairman and CEO. In connection with the IPO, Lazard spun off its broker-dealer business, Lazard Capital Markets.[5]

Following Wasserstein’s unexpected death in 2009, Lazard's Board of Directors elected Kenneth M. Jacobs Chairman and CEO.[8]

Office locations

[1]

Management

Past Chairmen

  • Alexandre Lazard, Lazare Lazard and Simon Lazard (founders)
  • Alexandre Weill
  • David David-Weill
  • Pierre David-Weill

Board of directors

[9]

  • Ashish Bhutani
  • Steven J. Heyer
  • Sylvia Jay
  • Philip Laskawy

Notable current and former employees

Business

Politics, Public Service & Other

Books

See also

  • Solomon Lazard, who some claim founded Lazard Frères

References

External links

  • Lazard Homepage
  • Lazard Asset Management
  • Wikinvest Company Profile
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