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Lazard Ltd. is the parent company of Lazard LLC, a New York-based, independent investment bank with more than 2,500 employees in Asia, North America, and Europe. Lazard was founded in 1848, and remained privately held until May 5, 2005, when the company conducted an initial public offering of its shares.
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 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.
Lazard has advised on several large and significant transactions, including Pfizer/Pharmacia and Pfizer/Warner Lambert. Recently, Lazard announced that it is advising Carl Icahn on his attempts to break up Time Warner.
In May 2005, Lazard went public under the leadership of Bruce Wasserstein, ending over 150 years of private owership.
Management
Past Chairmen:
- Alexandre Lazard, Elie Lazard and Simon Lazard (founders)
- Alexandre Weill
- David David-Weill
- Pierre David-Weill
- Michel David-Weill
Current executives:
- Chairman & CEO: Bruce Wasserstein
- CFO: Michael J. Castellano
- Vice Chairman & Chairman, Financial Advisory Group: Steven J. Golub
- General Counsel: Scott D. Hoffman
- President, Asset Management: Charles G. (Chuck) Ward III
Board of directors: Steven Heyer, Ellis Jones, Vernon Jordan, Anthony Orsatelli, John K. Shank, and Bruce Wasserstein.
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