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Lazard Ltd (LAZ) is a global financial advisory and asset management firm founded in 1848. The company provides trusted, independent financial advice and investment solutions to institutions, corporations, governments, partnerships, family offices, and high-net-worth individuals. Lazard operates across various regions, including North and South America, Europe, the Middle East, Asia, and Australia, offering services in financial advisory and asset management.
- Financial Advisory - Offers strategic advice on mergers and acquisitions, capital raising, shareholder matters, sovereign and geopolitical issues, restructuring transactions, and liability management.
- Asset Management - Provides global investment solutions across equity, fixed income, asset allocation, alternative investments, and private equity funds, along with investment and wealth management services for diverse clients.
- Corporate - Manages activities such as cash management, investments, deferred tax assets, outstanding indebtedness, and contingent obligations, while investing alongside institutional and individual investors in alternative or private equity investments.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Alexandra Soto ExecutiveBoard | Chief Operating Officer of Lazard, Inc. and Lazard Group | Supervisory Board of Metro AG | Alexandra Soto is the Chief Operating Officer at Lazard since October 2023. Previously, she served as Group Executive, Human Capital and Workplace Innovation from June 2019 and held other key operational roles at Lazard including Global COO of Financial Advisory starting in July 2018. | |
Peter Orszag ExecutiveBoard | Chief Executive Officer (CEO) | Member of the Board of Directors of the Peterson Institute for International Economics; Member of the Board of Directors of the Mt. Sinai Medical Center; Member of the National Academy of Medicine | Peter Orszag has been the CEO of Lazard since October 2023, overseeing the company’s strategy and operations. He also assumed the role of Chairman of the Board in January 2025 and previously led Lazard’s Financial Advisory division from June 2019 to September 2023. | View Report → |
Evan L. Russo Executive | Chief Executive Officer of Lazard’s Asset Management business | Evan L. Russo is the Chief Executive Officer of Lazard’s Asset Management business since June 2022. He previously served as Chief Financial Officer of Lazard, Inc. and Lazard Group from October 2017 to October 2022 and has been a Managing Director since 2009. | ||
Mary Ann Betsch Executive | Chief Financial Officer | Mary Ann Betsch has served as the Chief Financial Officer at Lazard, Inc. and Lazard Group since October 2022, playing a key role in overseeing financial operations. Previously, she held key roles at Citadel and PwC, which further established her expertise in financial management and advisory services. |
- Based on your discussion regarding M&A activity amidst tariff uncertainty, can you elaborate on the specific strategies you plan to implement to mitigate potential deal dropouts and maintain a healthy backlog in the coming quarters?
- With the target comp ratio of 60% being contingent on favorable market conditions, what concrete revenue and market stabilization factors would you need to see to confidently lower the ratio from the current 65.5% level?
- Given the rapid conversion of restructuring mandates into revenue compared to M&A deals, can you detail the metrics or milestones you use to gauge when these mandates transition to booked revenue, especially under current market volatility?
- Considering the significant growth in your one but not yet funded asset management mandates, what challenges do you foresee in executing these mandates within the expected timeframe if adverse market shifts occur?
- As you expand your footprint in Europe and observe a stronger local M&A pipeline compared to the U.S., how will you balance leveraging your deep regional roots while navigating potential increases in cross-border regulatory and geopolitical challenges?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Unnamed Asset Management business | 2023 | The acquisition increased goodwill from $64,541 to $81,270, with additions of $16,706 in Q1 and $16,729 in Q3, supporting a strategic enhancement of Lazard’s asset management capabilities |
Recent press releases and 8-K filings for LAZ.
- Lazard is on track with its Lazard 2030 plan, which aims to double revenues and improve returns.
- The financial advisory business is ahead of schedule, having already met its $8.5 million per MD productivity target and continuing to hire strategically. Revenue from private capital now accounts for around 40% and is expected to grow.
- Lazard anticipates improvement in its asset management business in 2025, focusing on both organic and inorganic growth, particularly in ex-US strategies.
- The company expects a pickup in M&A activity driven by a more accommodating regulatory environment and increased private equity activity.
- Lazard aims to reduce its comp ratio from 65.5% (Q1) towards a 60% target, with revenue growth being the primary factor.