Lazard was founded in 1848 and operates from 41 cities across 26 countries in North America, Europe, Asia, Australia, and Central and South America.[3] 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.[3]
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.[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 as well.[4]
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.
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.[4]
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.[5]
In 1953, Lazard Investors Ltd began an asset management business in London, which is the origin of today's Lazard Asset Management.[6]
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. 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.[5]
Following Wasserstein's death in 2009, Lazard's board of directors elected Kenneth M. Jacobs as chairman and CEO.[8]
Lazard invested in a startup investment bank, Independence Point Advisors, in late 2021.[9][10]
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.[11] Orszag became chief executive officer of Lazard on October 1, 2023.[12]
The publicly traded partnership Lazard Ltd converted to a U.S. C-Corporation effective January 1, 2024 and changed its name from Lazard Ltd to Lazard, Inc.[13]
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.[14] 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.[15]
InParis, the Lazard offices were located successively at 17, boulevard Poissonnière (1885–1907);[4] 5–7, rue Pillet-Will (1907–1979);[4] 141, boulevard Haussmann (1979–2020);[16] and 175, boulevard Haussmann (since September 2020).[17]
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.[21] Renamed in 1926 as Val-Royal and demolished in 1995.
US$2.59 billion (2023)
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