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1. Goldman Sachs for high-stakes M&A deals and institutional asset management.

2. A Morgan Stanley focused on elite financial advisory and global asset management.

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Financial Advisory Services

• Mergers & Acquisitions (M&A) Advisory: Advising companies on mergers, acquisitions, divestitures, and other strategic transactions.
• Restructuring Advisory: Guiding companies and creditors through financial distress, restructurings, and turnarounds.
• Capital Advisory: Counseling clients on capital structure optimization, financing strategies, and capital allocation.
• Shareholder Advisory: Assisting with shareholder activism defense, corporate governance, and strategic shareholder engagement.
• Capital Raising: Advising clients on private placements and various forms of debt and equity capital procurement.
• Sovereign Advisory: Offering financial and strategic advice to governments and sovereign entities.

Asset Management Services

• Investment Management: Providing a range of investment solutions across equity, fixed income, asset allocation, and alternative strategies for institutional clients.
• Wealth Management: Delivering personalized investment and financial planning services to private clients.

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Lazard (LAZ) operates as a financial advisory and asset management firm providing highly specialized services. Given the nature of its business, it serves a diverse client base across corporate, institutional, and high-net-worth individual segments, rather than selling standardized products to named major customer companies. Therefore, its major customers can be best described by the following categories:

• Corporate and Business Entities: This category includes various companies and partnerships that seek Lazard's expertise for financial advisory services such as mergers and acquisitions, restructurings, capital raising, and other strategic matters. It also includes corporations engaging Lazard for asset management solutions.
• Institutional and Sovereign Entities: Lazard serves a broad range of large organizations including public funds, sovereign entities, endowments, foundations, labor funds, and other financial intermediaries. These clients utilize Lazard for both financial advisory services (e.g., sovereign advisory) and comprehensive asset management strategies.
• High-Net-Worth Individuals and Private Clients: Lazard provides financial advisory and wealth management services to individual clients, typically those with substantial wealth or family offices, requiring sophisticated investment solutions and strategic financial guidance.

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Peter R. Orszag Chief Executive Officer and Chairman

Mr. Orszag became CEO and Chairman of Lazard in October 2023, and his role expanded to CEO and Chairman of Lazard's Board of Directors on January 1, 2025. He joined Lazard in 2016 as Vice Chairman of Investment Banking and previously served as CEO of its Financial Advisory business. Prior to joining Lazard, he had a distinguished career in public service, including serving as the 37th Director of the Office of Management and Budget (OMB) under President Barack Obama and Director of the Congressional Budget Office (CBO). He also held positions in the Clinton Administration. Mr. Orszag aims to double Lazard's revenue by 2030. He earned his A.B. in economics from Princeton University and his Ph.D. from the London School of Economics as a Marshall Scholar.

Tracy Farr Chief Financial Officer

Mr. Farr was appointed Chief Financial Officer of Lazard, effective February 1, 2026. He possesses 20 years of finance experience, with over a decade spent at Lazard. Most recently, he served as a Managing Director in Lazard's Capital Structure Advisory group and was a senior member of the corporate development and strategy team. Before joining Lazard in 2013, he was a Certified Public Accountant and consultant at EY, and a researcher at the Financial Accounting Standards Board.

Christopher Hogbin Chief Executive Officer, Lazard Asset Management

Mr. Hogbin was appointed CEO of Lazard Asset Management in December 2025. He brings over 30 years of experience in the investment sector, including 20 years at AllianceBernstein, where he served as Global Head of Investments and was a member of the Executive Leadership Team.

Raymond J. McGuire President and Co-Head of Financial Advisory in North America

Mr. McGuire was named President of Lazard in April 2023. He is also the Co-Head of Financial Advisory in North America. Prior to Lazard, he spent 13 years as Citigroup's Global Head of Corporate and Investment Banking, the longest tenure in that role on Wall Street. He also served as Vice Chairman of Citigroup and Chairman of its Banking, Capital Markets, and Advisory business. His earlier career included being Global Co-Head of Mergers & Acquisitions at Morgan Stanley, and senior roles at Merrill Lynch and Wasserstein Perella. He began his career in the Mergers & Acquisitions Group at The First Boston Corporation. He earned his A.B. from Harvard College and his M.B.A. and J.D. from Harvard Business School and Harvard Law School.

Alexandra Soto Chief Operating Officer

Ms. Soto is Lazard's Chief Operating Officer, a Group Executive Director on the group management board, and a Senior Partner with over 33 years of investment banking experience. She became Group Executive, Human Capital and Workplace Innovation, of Lazard Ltd and Lazard Group in June 2019, and the Global Chief Operating Officer of Financial Advisory in July 2018. She joined Lazard in 1993 and previously held various positions with Morgan Stanley. She has also served as COO of Lazard Paris and COO of Lazard Europe. She graduated from HEC Paris in 1990.

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The key risks to Lazard's (LAZ) business are primarily linked to the cyclical nature of financial markets and intense competition within its operating segments.

1. Market Volatility and Economic Downturns: Lazard's Financial Advisory business, which relies heavily on mergers and acquisitions (M&A) activity, is highly susceptible to global financial market conditions, corporate confidence, and geopolitical stability. Economic uncertainties and instability can lead to a decline in M&A deal volumes, directly impacting advisory revenues. Similarly, Lazard's Asset Management segment is vulnerable to market volatility, which can result in reduced inflows or increased outflows of assets under management (AUM), thereby affecting its revenue and profitability.
2. Persistent Net Outflows and Fee Pressure in Asset Management: The Asset Management segment has faced significant challenges due to persistent net outflows, which can lead to a decline in AUM and subsequently impact revenue and profitability. This issue is compounded by intense competition within the asset management industry, particularly from the rise of passive investment strategies, which puts pressure on the fees active managers like Lazard can charge.
3. Intense Competition: Lazard operates in highly competitive environments across both its Financial Advisory and Asset Management segments. In financial advisory, it faces stiff competition from established investment banks and boutique advisory firms. In asset management, the landscape is increasingly crowded, with larger players gaining market share and driving down fees, making it challenging for firms like Lazard to attract and retain assets. The ability to attract and retain top talent in a competitive labor market for financial professionals is also a continuous challenge.

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• Shift to Passive Investing and Low-Cost Investment Vehicles: The accelerating trend of investors moving away from higher-fee active management strategies towards low-cost passive investment vehicles, such as exchange-traded funds (ETFs) and index funds, poses a significant threat to Lazard's Asset Management segment. This shift, driven by major players like Vanguard and BlackRock (with its iShares offerings), continuously pressures management fees and assets under management (AUM) for active managers like Lazard, as clients increasingly prioritize lower costs and often seek market returns rather than alpha generation.

• Rise of Robo-Advisors and Automated Wealth Management Platforms: Technology-driven platforms offering automated, algorithm-based investment and wealth management services at significantly lower costs present a clear emerging threat to Lazard's traditional wealth management offerings. These platforms, exemplified by companies like Betterment, Wealthfront, and automated services from larger financial institutions, democratize sophisticated portfolio management and appeal to a broad spectrum of investors, including high-net-worth individuals, potentially diverting clients and AUM from Lazard's more traditional, higher-cost advisory models.

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Lazard Ltd operates in two main segments: Financial Advisory and Asset Management. The addressable markets for its key products and services span globally and across various regions.

Financial Advisory Segment

Lazard's Financial Advisory segment offers services such as mergers and acquisitions (M&A), restructurings, capital advisory, and other strategic advisory matters.

• Mergers and Acquisitions (M&A) Advisory:
  • Global: The global M&A advisory market was estimated at $50 billion in 2025 and is projected to reach approximately $95 billion by 2033. The total global M&A deal value reached $4.5–$5 trillion in 2025.
  • North America: North America dominated the M&A advisory market in 2024, holding a 38% share. Large-cap deal volume in North America reached $379.7 billion in Q2 2025.
  • Europe: Europe accounted for 25% of the global M&A advisory market in 2024.
  • Asia-Pacific: Asia-Pacific contributed 22% to the global M&A market in 2023 and is anticipated to witness the fastest growth rate between 2025 and 2033.
• Restructurings (Financial Restructuring Advisory):
  • Global: The global financial restructuring advisory market, estimated at $50 billion in 2025, is projected to reach approximately $95 billion by 2033. The global corporate restructuring advisory market is estimated at US$ 24.1 billion in 2023 and is set to reach US$ 44.5 billion by 2033. Financial restructuring services account for more than 30% of the corporate restructuring market.
  • North America: North America is expected to retain a significant market share in financial restructuring advisory and held a 41% share of the corporate restructuring advisory market in 2022.
  • Europe: Europe is expected to retain a significant market share in financial restructuring advisory.
  • Asia-Pacific: Asia-Pacific is poised for considerable growth in financial restructuring advisory.
• Capital Raising (Capital Restructuring Services):
  • Global: The global Capital Restructuring Services market is projected to expand from $5.33 billion in 2021 to $11.82 billion by 2033.

Asset Management Segment

Lazard's Asset Management segment offers a range of investment solutions, including equity and fixed income strategies, asset allocation, alternative investments, and private equity funds.

• Overall Asset Management:
  • Global: The global asset management industry grew to a record-breaking $128 trillion in assets under management (AuM) in 2024. Global AuM is expected to rise from US$139 trillion in 2024 to $200 trillion by 2030.
  • North America: North America is expected to remain the dominant market for global AuM.
  • Europe: Assets under Management (AuM) in Europe reached EUR 33.7 trillion at the end of Q4 2024. The Europe asset management market size is forecast to reach USD 57.52 trillion by 2030.
• Wealth Management:
  • Global: The global wealth management market size was valued at USD 1.83 trillion in 2024 and is poised to grow to USD 5.95 trillion by 2033.
  • North America: North America held the largest market share in terms of revenue in 2020, accounting for more than half of the global wealth management market.
  • Europe: The Europe wealth management market is expected to grow from USD 44.92 trillion in 2025 to USD 58.02 trillion by 2031.
  • Asia-Pacific: The APAC Wealth Management Market size is estimated at USD 34.38 trillion in 2025, and is expected to reach USD 50.80 trillion by 2030.
• Alternative Investments (including Private Equity Funds):
  • Global (Alternative Investments): The global alternative investments market AUM is expected to reach $32 trillion by 2030. Preqin forecasts the global alternatives industry to reach $29.2 trillion in AUM by 2029, and on course to exceed $30 trillion by 2030.
  • Global (Private Equity): Global private equity AuM is forecast to reach $8.5 trillion by the end of 2028, from $4.8 trillion in 2022.
  • North America (Private Equity): North America held the dominant share in 2024, valued at USD 3,008.84 billion, and in 2025, with USD 3,260.08 billion. North America dominates the global private equity market with over 33.8% market share in 2025.

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Expected Drivers of Future Revenue Growth for Lazard (LAZ)

Over the next 2-3 years, Lazard (LAZ) is expected to drive revenue growth through several key initiatives across its Financial Advisory and Asset Management segments, as well as broader strategic enhancements:

• Acceleration in Financial Advisory Activity: Lazard anticipates an acceleration in its Financial Advisory activities, driven by an deepening M&A cycle, continued demand for restructuring services, and particularly strong growth in private capital advisory. Revenue associated with private capital has significantly increased and is targeted to reach 50% of total advisory revenue.
• Enhanced Managing Director (MD) Productivity and Strategic Talent Expansion: The firm is committed to increasing the average revenue generated per Managing Director, with a formalized target of $12.5 million per MD by 2030. This will be supported by ongoing strategic hiring, with plans to add 10-15 net new MDs annually, and optimizing the mix of MD tenure.
• Positive Net Flows and Diversification within Asset Management: After a period influenced by a significant sub-advised mandate closure, Lazard expects positive net flows in its Asset Management segment for 2026. This growth is anticipated from new mandates and a more diversified platform, with particular focus on emerging markets, quantitative strategies, and international equities. The successful launch and expansion of its active ETF platform also contribute to this growth.
• Strategic Expansion of Wealth Management and Global Footprint: Lazard aims to expand its wealth management offerings in key regions such as Europe, the United States, and potentially the Middle East. This expansion includes wealth advisory team lift-outs and broadening its geographic presence to access a wider client base and strengthen sector coverage, making its advisory business more resilient to regional economic fluctuations.
• Leveraging Artificial Intelligence (AI) and Digital Transformation: Lazard is making strategic investments in proprietary AI tools, including "LazardGPT," to enhance client insights, streamline internal processes, and elevate productivity across both its Financial Advisory and Asset Management businesses. Management views these AI and digital knowledge transformation efforts as "transformational" for the company's future operations.

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Share Repurchases

• Lazard repurchased $91 million in shares for the full year 2025.
• In 2023, Lazard repurchased $102 million of its common stock, totaling 2.8 million shares.
• As of December 31, 2024, Lazard had a remaining share repurchase authorization of $200 million, after repurchasing 1,409,988 shares at an average price of $42.20 per share during 2024.

Share Issuance

• For the full year 2025, $115 million was used in satisfaction of employee tax obligations in lieu of share issuances.
• In 2023, Lazard used $55 million for the satisfaction of employee tax obligations in lieu of share issuances upon vesting of equity grants.
• In the first quarter of 2023, $45 million was applied to satisfy employee tax obligations in lieu of share issuances upon vesting of equity grants.

Outbound Investments

• In February 2026, Lazard completed the sale of its stake in the Edgewater Funds management vehicles, which resulted in a $1.5 billion decrease in assets under management.
• Lazard established Lazard Elaia Capital in 2024, a strategic partnership that launched a growth capital fund focused on investing in private technology companies.
• The company plans to make further investments to seed its Asset Management strategies, including the launch of actively managed ETFs in 2025.

Capital Expenditures

• Lazard's capital expenditures were $28.3 million in 2023.
• The company's capital expenditures are forecasted to be $45.5 million for 2024 and $31.95 million for 2025.
• Lazard has experienced an average annual capital expenditures growth rate of 14% over the past three years.