Everything about Lazard totally explained
Lazard Ltd. is the parent company of Lazard LLC, a
New York-based, independent
investment bank with approximately 2,200 employees in Europe, North America, Asia and Australia. Lazard was founded in
1848 and remained privately held until
May 5,
2005, when the company conducted an
initial public offering of its shares. In connection with its IPO, Lazard spun off its
securities underwriting business,
Lazard Capital Markets, which is now an independent firm.
Today, the investment banking arm participates in significant
mergers and acquisitions transactions. In 2006,
Businessweek profiled the firm's Chairman & CEO
Bruce Wasserstein, and referred to the firm as the "Granddaddy of M&A".
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History
Lazard's origins date back to 1848 when the founders, the Lazard brothers,
Alexandre Lazard,
Simon Lazard, and
Elie Lazard, moved to the
United States from
Lorraine,
France, and formed
Lazard Frères & Co. as a
dry goods business in
New Orleans, Louisiana, with a combined contribution of $9,000. Shortly thereafter, the Lazard brothers moved to the
gold rush town of
San Francisco, California, where they opened a business selling imported goods and exporting
gold bullion. The business progressively became involved in financial transactions, first with its retail clients and then increasingly with commercial clients. Over time, the business expanded into the banking and
foreign exchange businesses.
Seeking to expand operations to Europe, the Lazard brothers opened offices in Paris and London in
1858 and
1870, respectively. By
1876, Lazard’s businesses had become solely focused on providing
financial services. In 1880,
Alexander Weill, the founding brothers’ cousin, assumed control of Lazard.
The period between the two wars saw Lazard ensuring a supremacy in the banking world under the direction of
Raymond Philippe, followed by
André Meyer.
Post
World War II saw the American operations expand significantly as a merger and acquisitions specialist under the leadership of
André Meyer and
Felix Rohatyn.
The firm then came to be controlled by Michel David-Weill. When David-Weill stepped into the role of Chairman, he hired
Bruce Wasserstein as CEO. The pair subsequently became embroiled in a much-publicized corporate fight in which David-Weill said he regretted having ever hired Wasserstein. This tension culminated in May 2005, when Wasserstein completed an IPO of the firm, ending over 150 years of private ownership.
Although David-Weill and other descendants of the founding family wanted to retain private ownership, they'd pursued a policy of handing out company shares in remuneration packages to employees. As a result, many employees owned shares in Lazard, and since many of them wanted to cash out, they voted with Wasserstein to hold a public offering.
Lazard continues to be led by
Bruce Wasserstein, who holds the positions of Chairman and CEO.
Management
Past Chairmen:
Current Executives:
Bruce Wasserstein, Chairman & Chief Executive Officer
Michael J. Castellano, Chief Financial Officer
Steven J. Golub, Vice Chairman & Chairman, Financial Advisory Group
Scott D. Hoffman, General Counsel
Charles G. (Chuck) Ward III, President, Asset Management
Gary Wilton Parr, Deputy Chairman
Board of Directors
Ronald J. Doerfler
Steven J. Heyer
Sylvia Jay
Ellis Jones
Vernon E. Jordan Jr.
Anthony Orsatelli
Hal S. Scott
John K. Shank
Michael J. Turner
Bruce Wasserstein
Notable current and former employees
Business
Marcus Agius - Company director
William B. Buchanan, Jr. - CEO Lazard Capital Markets
Tim Collins - Founder and CEO of Ripplewood Holdings
Disque Deane - chairman of Starrett City Associates
Jean-Marie Messier - Chairman and CEO of Vivendi (1996-2002)
Damon Mezzacappa - Founder of Mezzacappa Management LLC
Steven Rattner - Venture capitalist
Nathaniel Rothschild - Co-Chairman of Atticus Capital LLC
John Wylie - CEO Lazard Carnegie Wylie
Politics and public service
Robert Henry Brand, 1st Baron Brand - a member of "Milner's Kindergarten"
Robert Kindersley, 1st Baron Kindersley - British public servant
Anne Lauvergeon - Former diplomatic council to French President Francois Mitterrand, CEO Areva
Felix Rohatyn - U.S. Ambassador to France (1997-2000)
Books
Further Information
Get more info on 'Lazard'.
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