Investment Banking: Lazard's Competitive Strategies
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Code : COM0080
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Region : Europe
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Introduction:Lazard, a partnership founded in 1848, had traditionally been a financial and strategic advisory firm to its clients that included governments, corporations, partnerships and wealthy individuals. Lazard's advisors (employees in Lazard are hired by offering equity partnerships in the firm and are called partners) were aristocratic individuals with high network among political and business elite-"who could get through to Lou Gerstner or Prince Philip with a single phone call." Eventually, Lazard built a strong Merger and Acquisition (M&A) advisory business, which by 2004 had been contributing more than 70%to its revenues, with almost all of it coming from North America and Europe. Its services include advice on mergers and acquisitions, asset management, capital markets execution, real estate investment banking and alternative investment management. However, by the turn of the 21st century, Lazard started moving away from its roots. In 2000, Lazard centralised the operations of its three offices in London, Paris and NewYork, which had been operating independently since their inception in the 19th century. In amove to end its partnership structure, on December 17th 2004, Lazard filed for an IPOwith the Securities and Exchange Commission of the US.-putting an end to the 157 year-old tradition of partnership. |
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