| Lazard | |
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| URL: | http://www.lazard.com |
| Description: |
Lazard is a preeminent international financial advisory and asset management firm that has long specialized in crafting solutions to the complex financial and strategic challenges of our clients. We serve a diverse set of clients around the world, including corporations, partnerships, institutions, governments and high-net-worth individuals. We believe that what sets us apart is our dedication to: Competing on the basis of our intellectual (rather than financial) capital, which is personified by our team of highly skilled professionals Demanding excellence and superior quality in all that we do, Cultivating long-term, senior-level relationships with clients, through deep roots in local markets, Linking together our local offices through a global network of industry expertise, Remaining focused on our chosen lines of business to provide the highest degree of expertise and continuous innovation, Emphasizing our tradition of integrity in all our dealings, and Offering independent, trusted and unbiased advice. Founded in New Orleans in 1848, Lazard expanded shortly thereafter to provision the needs of the California gold rush, and eventually evolved its business exclusively into financial services. Having united the historical New York, Paris and London “Houses” of Lazard under Lazard LLC in 2000, we operate today from 29 cities in key business and financial centers across 16 countries in Europe, North America, Asia, Australia and South America. Our origins date back to 1848, when our founders, the Lazard brothers, 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 1852 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 Houses of Lazard Through the early and mid-twentieth century, the three Lazard "Houses" in London, Paris and New York continued to grow their respective operations independently of each other, with the New York House coming under the leadership of André Meyer in 1944. Under Mr. Meyer and continuing with Felix Rohatyn, the New York House further developed its reputation as a preeminent mergers and acquisitions advisory firm. Michel David-Weill, a descendant of the founding families, joined Lazard Frères et Cie. in Paris in 1956, ascended to a leadership role within the French operations and later moved to the New York House, where he became senior partner in 1977. Lazard has conducted an asset management business in Paris since 1969, establishing a separate subsidiary, Lazard Frères Gestion, for those operations in 1995. In 1970, the New York House entered the institutional asset management business by establishing Lazard Asset Management to complement its financial advisory business. Throughout the twentieth century, Lazard’s Paris and New York Houses were owned by the Houses’ individual partners and by relations of their founders. For much of that period, the London House was majority-owned by Pearson plc, until the sale in 2000 by Pearson of its interests to a predecessor of Eurazeo S.A. Global Unification The unification of the Houses of Lazard under a single global firm was completed on January 3, 2000, with their merger to form Lazard LLC. We believe that this combination has enabled us to offer our clients the benefits of a more unified global firm while preserving the advantages of our century-old, local roots. Bruce Wasserstein joined Lazard in early 2002 as Head of Lazard. Under Mr. Wasserstein’s direction, Lazard has pursued a strategy of growing its Financial Advisory and Asset Management businesses by attracting senior investment bankers and investment advisory professionals to our firm. Lazard’s history as a preeminent financial advisor has contributed to its ability to secure key advisory roles in some of the most important, complex and recognizable mergers and acquisitions of the last 75 years. In recent years, we have advised on nearly 1,000 completed mergers and acquisitions, having a cumulative value in excess of $1 trillion. Lazard has also advised on some of the largest and highest-profile corporate restructurings around the world. Since 1999, we have advised on more than 100 in- and out-of-court restructurings totaling over $300 billion of debt. 1848 – Alexandre, Elie and Simon Lazard, brothers from Lorraine, leave their native France and settle in New Orleans where they launch a general merchants/dry goods company, Lazard Frères & Co. 1849 – The brothers follow the Gold Rush and take the firm to San Francisco. The firm expands into banking and foreign exchange, increasingly devoted to finance. 1852 – One of the brothers returns to France and opens Lazard Frères et Cie. in Paris with the initial purpose of advising the French government on its gold buying. 1856 – The brothers' cousin, Alexandre Weill (Michel David-Weill's great-grandfather), moves to the US to join the company as their bookkeeper. The US arm of the company continues its expansion adding arbitrage services during the Civil War. 1870 – The brothers open an office in London named Lazard Brothers. London is a branch office until 1905. 1876 – Lazard Frères is now wholly focused on its banking operations. 1880 – Alexandre Weill, who remains in charge of the US business, takes it to New York from San Francisco. Each of the three offices grows into a leading investment or merchant bank in its respective area. 1905 – Robert Kindersley enters the partnership and the London branch becomes a separate company. He is a well-known stockbroker, eventually to become the first Lord Kindersley, a Director of the Bank of England and Governor of the Hudson's Bay Company. 1919 – The London partnership now becomes a private company as the Bank of England restricts foreign ownership of UK banks. The family sells 45% of Lazard Brothers to SP Pearson & Sons (now Pearson PLC), a civil engineering company. 1932 – SP Pearson increases its stake to 80%. During the early years of the 20th century, David-Weill (Alexandre's son; the family surname was legally changed to the hyphenated version ) runs the firm out of Paris together with Michel and André Lazard, sons of the first generation Lazard brothers. As neither of the scions of the Lazard family have male heirs, David-Weill becomes sole senior partner of the firm before the Second World War. He is a celebrated French financier, Régent of the Banque de France, renowned art collector and philanthropist. In turn, David David-Weill's son, Pierre, becomes a partner of the Paris office in 1927. 1940s – Pierre David-Weill flees from the Nazi invasion to New York during the Second World War, alongside one of the younger non-family Paris partners Andre Meyer. Together they shift the focus to the US branch of the firm until the end of the war. 1950s – Lazard Frères & Co. in New York comes into its own in the 1950s and 1960s under the leadership of Andre Meyer who had become Head of Lazard's US operations in 1944 upon Pierre David-Weill's return to France. Meyer and a little later Felix Rohatyn build a firm which attains Mergers and Acquisitions supremacy. Pierre David-Weill's son Michel helps rebuild Lazard Frères et Cie. in Paris in the late 1950s, having joined the firm in 1956. 1970 – Lazard Asset Management (LAM) formed. 1970s – A turning point for the firm as Andre Meyer falls into ill-health and Michel David-Weill oversees the firm's New York operations as well as Paris. 1977 – Michel David-Weill takes over as Chairman. 1979 – Death of Andre Meyer. In the late1970s, Lazard Frères et Cie. in Paris doe not follow the trend toward branch retail networks and thus avoids being nationalized in 1981 along with most of France's banks. 1984 – Michel David-Weill decides to unite the Lazard firms as he recognizes and anticipates the trend for global Mergers and Acquisitions deals. He forms a new entity, Lazard Partners, which owns stakes in the New York and Paris offices and he buys back a large stake of the London office from Pearson. Pearson reduces its direct stake in Lazard Brothers in exchange for a 50% interest in the new entity Lazard Partners. 1999 – The David-Weill family buys out Pearson. 2000 – The unification of the Paris, London and New York Houses is completed to form Lazard LLC. 2002 – Bruce Wasserstein joins the firm as Head of Lazard. 2004 – Ashish Bhutani named CEO of LAM. Lazard files for public listing in US. 2005 – Lazard ends 157 years of private ownership and begins trading publicly on the New York Stock Exchange under the ticker symbol "LAZ". |
| Title: | Lazard |
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