Lazard Inc. (formerly known as Lazard Ltd and Lazard Frères & Co.) is a

financial advisory Corporate services or business services are activities which combine or consolidate certain enterprise-wide needed support services, provided based on specialized knowledge, best practices, and technology to serve internal (and sometimes external) ...

and

asset management firm An asset management company is an asset management / investment management company/firm that invests the pooled funds of retail investors in securities in line with the stated investment objectives. For a fee, the company/firm provides more dive ...

that engages in

investment banking Investment banking is an advisory-based financial service for institutional investors, corporations, governments, and similar clients. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by und ...

asset management Asset management is a systematic approach to the governance and realization of all value for which a group or entity is responsible. It may apply both to tangible assets (physical objects such as complex process or manufacturing plants, infrastr ...

and other

financial services Financial services are service (economics), economic services tied to finance provided by financial institutions. Financial services encompass a broad range of tertiary sector of the economy, service sector activities, especially as concerns finan ...

, primarily with institutional clients. It is the world's largest independent investment bank, with principal executive offices in New York City, Paris and London. 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 Mergers and acquisitions (M&A) are business transactions in which the ownership of a company, business organization, or one of their operating units is transferred to or consolidated with another entity. They may happen through direct absorpt ...

, strategic matters,

restructuring Restructuring or Reframing is the corporate management term for the act of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs. ...

and capital structure, capital raising and

corporate finance Corporate finance is an area of finance that deals with the sources of funding, and the capital structure of businesses, the actions that managers take to increase the Value investing, value of the firm to the shareholders, and the tools and analy ...

, as well as

services to corporations, partnerships, institutions, governments and individuals.

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 Dry goods is a historic term describing the type of product line a store carries, which differs by region. The term comes from the textile trade, and the shops appear to have spread with the mercantile trade across the British Empire (and Common ...

merchant store in

New Orleans New Orleans (commonly known as NOLA or The Big Easy among other nicknames) is a Consolidated city-county, consolidated city-parish located along the Mississippi River in the U.S. state of Louisiana. With a population of 383,997 at the 2020 ...

Louisiana Louisiana ( ; ; ) is a state in the Deep South and South Central regions of the United States. It borders Texas to the west, Arkansas to the north, and Mississippi to the east. Of the 50 U.S. states, it ranks 31st in area and 25 ...

. By 1851, Simon and two more brothers, Maurice and Elie, had all moved to

San Francisco San Francisco, officially the City and County of San Francisco, is a commercial, Financial District, San Francisco, financial, and Culture of San Francisco, cultural center of Northern California. With a population of 827,526 residents as of ...

, California, while Alexandre moved to New York. Lazard Frères began to serve miners engaged in the

California Gold Rush The California gold rush (1848–1855) began on January 24, 1848, when gold was found by James W. Marshall at Sutter's Mill in Coloma, California. The news of gold brought approximately 300,000 people to California from the rest of the U ...

, and soon expanded into banking and

foreign exchange The foreign exchange market (forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. By trading volume, it i ...

.Guy de Rougemont, Lazard Frères, Banquiers des Deux Mondes (1840–1939), Librairie Arthème Fayard, 2010 In 1854, Alexandre Lazard moved to

Paris Paris () is the Capital city, capital and List of communes in France with over 20,000 inhabitants, largest city of France. With an estimated population of 2,048,472 residents in January 2025 in an area of more than , Paris is the List of ci ...

, 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 World War II or the Second World War (1 September 1939 – 2 September 1945) was a World war, global conflict between two coalitions: the Allies of World War II, Allies and the Axis powers. World War II by country, Nearly all of the wo ...

, the American operations of Lazard expanded significantly under the leadership of the French financier

André Meyer André Benoît Mathieu Meyer (September 3, 1898 – September 9, 1979) was a French-American investment banker. Biography Meyer was born to a low-income Jewish family in Paris. As a boy, he began following the workings of the stock market and ...

. Meyer and Lazard partner

Felix Rohatyn Felix George Rohatyn ( ; May 29, 1928 – December 14, 2019) was an American investment banker and diplomat. He spent most of his career with Lazard, where he brokered numerous large corporate mergers and acquisitions from the 1960s through ...

have been credited with virtually inventing the modern

(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 Michel David-Weill (November 23, 1932 – June 16, 2022) was a French investment banker and chairman of Lazard and Eurazeo. Early life Michel David-Weill was born into a Jewish family on November 23, 1932. His father, Pierre David-Weill (1900� ...

. 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 Bruce Jay Wasserstein (December 25, 1947 – October 14, 2009) was an American investment banker, businessman, and writer. He was prominent in the mergers and acquisitions industry, credited with working on 1,000 transactions with a total value ...

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 An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

(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. Lazard invested in a startup investment bank, Independence Point Advisors, in late 2021. On May 26, 2023, the firm announced that

Peter R. Orszag Peter Richard Orszag (born December 16, 1968) is an American business executive and former government official. He is the chief executive officer (CEO) and chairman of Lazard. Announced as Lazard's incoming CEO on May 26, 2023, he assumed the r ...

, 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. Orszag became chief executive officer of Lazard on October 1, 2023. On January 1, 2025, Orszag's also became the Chairman of Lazard's Board of Directors. The publicly traded partnership Lazard Ltd was reincorporated under the

Delaware General Corporation Law The Delaware General Corporation Law (sometimes abbreviated DGCL), officially the General Corporation Law of the State of Delaware (Title 8, Chapter 1 of the Delaware Code), is the statute of the Delaware Code that governs corporate law in the U ...

effective January 1, 2024 and changed its name from Lazard Ltd to Lazard, Inc. 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.

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 The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...

. 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.

Asset management

Lazard's asset management business provides

investment management Investment management (sometimes referred to more generally as financial asset management) is the professional asset management of various Security (finance), securities, including shareholdings, Bond (finance), bonds, and other assets, such as r ...

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 A corporation or body corporate is an individual or a group of people, such as an association or company, that has been authorized by the State (polity), state to act as a single entity (a legal entity recognized by private and public law as ...

labor unions A trade union (British English) or labor union (American English), often simply referred to as a union, is an organization of workers whose purpose is to maintain or improve the conditions of their employment, such as attaining better wages ...

, public

pension fund A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides pension, retirement income. The U.S. Government's Social Security Trust Fund, which oversees $2.57 trillion in assets, is the ...

s, endowments,

foundations Foundation(s) or The Foundation(s) may refer to: Common uses * Foundation (cosmetics), a skin-coloured makeup cream applied to the face * Foundation (engineering), the element of a structure which connects it to the ground, and transfers loads f ...

insurance companies Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect ...

, and banks; and through sub-advisory relationships,

mutual fund A mutual fund is an investment fund that pools money from many investors to purchase Security (finance), securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in ...

sponsors,

broker-dealer In financial services, a broker-dealer is a natural person, company or other organization that engages in the business of trading securities for its own account or on behalf of its customers. Broker-dealers are at the heart of the securities and ...

s and registered advisors) and individual clients (principally

family office A family office is a privately held company that handles investment management and wealth management for a wealthy family, generally one with at least $50–100 million in investable assets, with the goal being to effectively grow and transfer ...

s and

high-net-worth individual In the financial services industry, a high-net-worth individual (HNWI) is a person who maintains liquid assets at or above a certain threshold. Typically the criterion is that the person's financial assets (excluding their primary residence) are ...

s).

Office locations

The bank operates from 39 cities across 22 countries. *

Amsterdam Amsterdam ( , ; ; ) is the capital of the Netherlands, capital and Municipalities of the Netherlands, largest city of the Kingdom of the Netherlands. It has a population of 933,680 in June 2024 within the city proper, 1,457,018 in the City Re ...

Austin Austin refers to: Common meanings * Austin, Texas, United States, a city * Austin (given name), a list of people and fictional characters * Austin (surname), a list of people and fictional characters * Austin Motor Company, a British car manufac ...

Beijing Beijing, Chinese postal romanization, previously romanized as Peking, is the capital city of China. With more than 22 million residents, it is the world's List of national capitals by population, most populous national capital city as well as ...

Brussels Brussels, officially the Brussels-Capital Region, (All text and all but one graphic show the English name as Brussels-Capital Region.) is a Communities, regions and language areas of Belgium#Regions, region of Belgium comprising #Municipalit ...

Bordeaux Bordeaux ( ; ; Gascon language, Gascon ; ) is a city on the river Garonne in the Gironde Departments of France, department, southwestern France. A port city, it is the capital of the Nouvelle-Aquitaine region, as well as the Prefectures in F ...

Boston Boston is the capital and most populous city in the Commonwealth (U.S. state), Commonwealth of Massachusetts in the United States. The city serves as the cultural and Financial centre, financial center of New England, a region of the Northeas ...

* Charlotte *

Chicago Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...

Dubai Dubai (Help:IPA/English, /duːˈbaɪ/ Help:Pronunciation respelling key, ''doo-BYE''; Modern Standard Arabic, Modern Standard Arabic: ; Emirati Arabic, Emirati Arabic: , Romanization of Arabic, romanized: Help:IPA/English, /diˈbej/) is the Lis ...

Dublin Dublin is the capital and largest city of Republic of Ireland, Ireland. Situated on Dublin Bay at the mouth of the River Liffey, it is in the Provinces of Ireland, province of Leinster, and is bordered on the south by the Dublin Mountains, pa ...

Frankfurt Frankfurt am Main () is the most populous city in the States of Germany, German state of Hesse. Its 773,068 inhabitants as of 2022 make it the List of cities in Germany by population, fifth-most populous city in Germany. Located in the forela ...

Geneva Geneva ( , ; ) ; ; . is the List of cities in Switzerland, second-most populous city in Switzerland and the most populous in French-speaking Romandy. Situated in the southwest of the country, where the Rhône exits Lake Geneva, it is the ca ...

Hamburg Hamburg (, ; ), officially the Free and Hanseatic City of Hamburg,. is the List of cities in Germany by population, second-largest city in Germany after Berlin and List of cities in the European Union by population within city limits, 7th-lar ...

Hong Kong Hong Kong)., Legally Hong Kong, China in international treaties and organizations. is a special administrative region of China. With 7.5 million residents in a territory, Hong Kong is the fourth most densely populated region in the wor ...

Houston Houston ( ) is the List of cities in Texas by population, most populous city in the U.S. state of Texas and in the Southern United States. Located in Southeast Texas near Galveston Bay and the Gulf of Mexico, it is the county seat, seat of ...

London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...

Los Angeles Los Angeles, often referred to by its initials L.A., is the List of municipalities in California, most populous city in the U.S. state of California, and the commercial, Financial District, Los Angeles, financial, and Culture of Los Angeles, ...

Luxembourg Luxembourg, officially the Grand Duchy of Luxembourg, is a landlocked country in Western Europe. It is bordered by Belgium to the west and north, Germany to the east, and France on the south. Its capital and most populous city, Luxembour ...

Lyon Lyon (Franco-Provençal: ''Liyon'') is a city in France. It is located at the confluence of the rivers Rhône and Saône, to the northwest of the French Alps, southeast of Paris, north of Marseille, southwest of Geneva, Switzerland, north ...

Madrid Madrid ( ; ) is the capital and List of largest cities in Spain, most populous municipality of Spain. It has almost 3.5 million inhabitants and a Madrid metropolitan area, metropolitan area population of approximately 7 million. It i ...

Melbourne Melbourne ( , ; Boonwurrung language, Boonwurrung/ or ) is the List of Australian capital cities, capital and List of cities in Australia by population, most populous city of the States and territories of Australia, Australian state of Victori ...

Milan Milan ( , , ; ) is a city in northern Italy, regional capital of Lombardy, the largest city in Italy by urban area and the List of cities in Italy, second-most-populous city proper in Italy after Rome. The city proper has a population of nea ...

Minneapolis Minneapolis is a city in Hennepin County, Minnesota, United States, and its county seat. With a population of 429,954 as of the 2020 United States census, 2020 census, it is the state's List of cities in Minnesota, most populous city. Locat ...

Montreal Montreal is the List of towns in Quebec, largest city in the Provinces and territories of Canada, province of Quebec, the List of the largest municipalities in Canada by population, second-largest in Canada, and the List of North American cit ...

Munich Munich is the capital and most populous city of Bavaria, Germany. As of 30 November 2024, its population was 1,604,384, making it the third-largest city in Germany after Berlin and Hamburg. Munich is the largest city in Germany that is no ...

Nantes Nantes (, ; ; or ; ) is a city in the Loire-Atlantique department of France on the Loire, from the Atlantic Ocean, Atlantic coast. The city is the List of communes in France with over 20,000 inhabitants, sixth largest in France, with a pop ...

New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...

Riyadh Riyadh is the capital and largest city of Saudi Arabia. It is also the capital of the Riyadh Province and the centre of the Riyadh Governorate. Located on the eastern bank of Wadi Hanifa, the current form of the metropolis largely emerged in th ...

São Paulo São Paulo (; ; Portuguese for 'Paul the Apostle, Saint Paul') is the capital of the São Paulo (state), state of São Paulo, as well as the List of cities in Brazil by population, most populous city in Brazil, the List of largest cities in the ...

Seoul Seoul, officially Seoul Special Metropolitan City, is the capital city, capital and largest city of South Korea. The broader Seoul Metropolitan Area, encompassing Seoul, Gyeonggi Province and Incheon, emerged as the world's List of cities b ...

Singapore Singapore, officially the Republic of Singapore, is an island country and city-state in Southeast Asia. The country's territory comprises one main island, 63 satellite islands and islets, and one outlying islet. It is about one degree ...

Stockholm Stockholm (; ) is the Capital city, capital and List of urban areas in Sweden by population, most populous city of Sweden, as well as the List of urban areas in the Nordic countries, largest urban area in the Nordic countries. Approximately ...

Sydney Sydney is the capital city of the States and territories of Australia, state of New South Wales and the List of cities in Australia by population, most populous city in Australia. Located on Australia's east coast, the metropolis surrounds Syd ...

Tokyo Tokyo, officially the Tokyo Metropolis, is the capital of Japan, capital and List of cities in Japan, most populous city in Japan. With a population of over 14 million in the city proper in 2023, it is List of largest cities, one of the most ...

Toronto Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...

Vienna Vienna ( ; ; ) is the capital city, capital, List of largest cities in Austria, most populous city, and one of Federal states of Austria, nine federal states of Austria. It is Austria's primate city, with just over two million inhabitants. ...

Zürich Zurich (; ) is the list of cities in Switzerland, largest city in Switzerland and the capital of the canton of Zurich. It is in north-central Switzerland, at the northwestern tip of Lake Zurich. , the municipality had 448,664 inhabitants. The ...

, the Lazard offices were located successively at 17, boulevard Poissonnière (1885–1907); 5–7, rue Pillet-Will (1907–1979); 141, boulevard Haussmann (1979–2020); and 175,

boulevard Haussmann The Boulevard Haussmann (), long from the 8th to the 9th arrondissement, is one of the wide tree-lined boulevards created in Paris by Napoleon III, under the direction of his Prefect of the Seine, Baron Haussmann. The Boulevard Haussmann is mo ...

(since September 2020). Lazard's New York City headquarters spans the top floors of

30 Rockefeller Plaza 30 Rockefeller Plaza (officially the Comcast Building; formerly RCA Building and GE Building) is a skyscraper that forms the centerpiece of Rockefeller Center in the Midtown Manhattan neighborhood of New York City, New York. Completed in 1933 ...

, including what used to be Room 5600, the former offices of the

Rockefeller family The Rockefeller family ( ) is an American Industrial sector, industrial, political, and List of banking families, banking family that owns one of the world's largest fortunes. The fortune was made in the History of the petroleum industry in th ...

dynasty. 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

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

Pierre David-Weill Pierre David-Weill (8 March 1900 – 14 January 1975) was a French investment banker. Early life Pierre Sylvain Désiré Gérard David-Weill was born on 8 March 1900 in Paris, France, into a Jewish family. His father, David David-Weill (1871-19 ...

* Ken Costa *

* Kenneth M. Jacobs

Board of directors

Lazard's board of directors as of January 2025: *

* Dan Schulman * Andrew Alper * Ann-Kristin Achleitner * Stephen R. Howe, Jr. * Michelle Jarrard * Iris Knobloch * Jane Mendillo

Notable current and former employees

Business

Politics and public service

Other

* George J. Ames – philanthropist, former general partner of Lazard * Paul Baerwald – banker and philanthropist, Chairman of the

American Jewish Joint Distribution Committee Advert Where and how does this article resemble an WP:SOAP, advert and how should it be improved? See: Wikipedia:Spam (you might trthe Teahouseif you have questions). American Jewish Joint Distribution Committee, also known as Joint or JDC, is a J ...

* William D. Cohan – Contributing editor at

Fortune Fortune may refer to: General * Fortuna or Fortune, the Roman goddess of luck * Luck * Wealth * Fate * Fortune, a prediction made in fortune-telling * Fortune, in a fortune cookie Arts and entertainment Film and television * ''The Fortune'' (19 ...

, Award-winning author

Books

* * * *

References

External links

*
Lazard Asset Management
{{Authority control Investment banks in the United States Banks established in 1848 Financial services companies established in 1848 Companies listed on the New York Stock Exchange 1848 establishments in Louisiana Lazard family Multinational banks Asset management companies