Lazard

On July 12, 1848, three brothers, Alexandre Lazard, Lazare Lazard, and Simon Lazard, founded Lazard Frères & Co. as a dry goods merchant store in New Orleans, Louisiana. By 1851, Simon and two more brothers, Maurice and Elie, had all moved to San Francisco, California, while Alexandre moved to New York. Lazard Frères began to serve miners engaged in the California Gold Rush, and soon expanded into banking and foreign exchange.[4]

In 1854, Alexandre Lazard moved to Paris, 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.[4]

In the late 1800s and early 1900s, the firm evolved into three “Houses of Lazard” in the United States, France, and England, 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.[4]

In the economic boom following World War II, the American operations of Lazard expanded significantly under the leadership of the financier André Meyer. Meyer and Lazard partner Felix Rohatyn have been credited with virtually inventing the modern mergers and acquisitions (M&A) market.[5]

In 1953, Lazard Investors Ltd began an asset management business in London, which is the origin of today's Lazard Asset Management.[6]

In 1977, as the health of Meyer began to deteriorate, the firm came to be controlled by Michel David-Weill. Under his leadership, the three houses of Lazard were formally united in 2000 as Lazard LLC.[7]

In 2002, David-Weill hired Bruce Wasserstein to be CEO. Lazard became a public company, with nearly two-thirds of its shares owned by current and former employees in 2005. Wasserstein became its first Chairman and CEO. In connection with the initial public offering (IPO), Lazard spun off its broker-dealer business, Lazard Capital Markets.[5]

Following Wasserstein's death in 2009, Lazard's Board of Directors elected Kenneth M. Jacobs Chairman and CEO.[8]

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 in the wake of the global financial crisis that began in mid-2007.[9] 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.[10]

Lazard's asset management business provides investment management 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 (corporations, labor unions, public pension funds, endowments, foundations, insurance companies, and banks; and through sub-advisory relationships, mutual fund sponsors, broker-dealers and registered advisors) and individual clients (principally family offices and high-net-worth individuals).[3]

In August 2020, Lazard acted as the sole financial advisor to Teladoc Health, Inc., a multinational telemedicine and virtual healthcare company which announced a merger agreement with Livongo for $18.5 billion in a cash-and-stock transaction.[11] Teladoc's shareholders will own 58% of the combined company, and Livongo’s shareholders will own 42%. In October 2020, Lazard and Morgan Stanley acted as financial advisors for American pharmaceutical company Gilead Sciences which confirmed its acquisition of Immunomedics for $21 billion in an all cash transaction, $15 billion of which will be funded by cash and $6 billion by newly issued corporate debt.[12]

• Alexandre Lazard, Lazare Lazard and Simon Lazard (founders)
• Alexandre Weill
• David David-Weill
• Pierre David-Weill
• André Meyer
• Michel David-Weill
• Ken Costa
• Bruce Wasserstein

Lazard's board of directors as of April 2019.[16]

• Kenneth M. Jacobs
• Andrew Alper
• Ashish Bhutani
• Richard N. Haass
• Steven J. Heyer
• Michelle Jarrard
• Sylvia Jay
• Iris Knobloch
• Philip Laskawy
• Jane Mendillo
• Richard Parsons

• William D. Cohan - Contributing editor at Fortune, Award-winning author