) |
foundation = 1848|
location = New York |
key_people = Bruce Wasserstein, Chairman & CEO |
num_employees = 2,200 (2006)|
industry = Investment services |
products = Financial Services
Investment Banking
Investment management|
revenue = $1.6 billion USD (2006)|
net_income = $92.99 million USD (2006)|
homepage = [http://www.lazard.com www.lazard.com]
}}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 & acquisitions transactions and was named by Businessweek 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 MeyerPost World War II saw the American operations expand significantly as a merger and acquisitions specialist under the leadership of André Meyer and Felix Rohatyn.In May 2005, Lazard went public under the leadership of Bruce Wasserstein, ending over 150 years of private ownership.
Management
Past Chairmen:
- Alexandre Lazard, Elie Lazard and Simon Lazard (founders)
- Alexandre Weill
- David David-Weill
- Pierre David-Weill
- Michel David-Weill
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. Ward III, President, Asset Management
- Gary Wilton Parr, Deputy Chairman
Board of Directors
- Steven J. Heyer
- Ellis Jones
- Vernon E. Jordan Jr.
- Anthony Orsatelli
- John K. Shank
- Bruce Wasserstein
- Ronald J. Doerfler
- Sylvia Jay
- Hal S. Scott
- Michael J. Turner
Notable employees
Business
- Marcus Agius - company director
- 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
- William B. Buchanan, Jr. - CEO Lazard Capital Markets
Politics and public service
- Robert Henry Brand, 1st Baron Brand - a member of "Milner's Kindergarten"
- Robert Kindersley, 1st Baron Kindersley - British public servant
- Felix Rohatyn - U.S. Ambassador to France (1997-2000)
External links
Books
- The Last Tycoons: The Secret History of Lazard Frères & Co. by William D. Cohan, ISBN 0385514514
Investment banks1848 establishmentsLazardBanque LazardLazard
