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Lazard: The McKinsey & Company of financial dealmaking and corporate restructuring.

Lazard: A specialized Goldman Sachs, known for its independent M&A and restructuring advice.

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• Financial Advisory: Provides strategic financial advice to corporations, partnerships, institutions, governments, and individuals across mergers and acquisitions, restructuring, and capital advisory.
• Asset Management: Manages investment portfolios for institutional clients, financial intermediaries, and individual investors across a range of equity, fixed income, and alternative investment strategies.

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Lazard (symbol: LAZ) primarily sells its financial advisory and asset management services to other companies, governments, and institutional entities. However, due to the highly confidential nature of its client relationships and the often project-based structure of its financial advisory work, Lazard does not publicly disclose the names of its specific major customer companies. Clients in financial advisory are often transactional, and long-term "major customers" in the traditional sense are not typically applicable.

Therefore, instead of listing specific company names, the major categories of customers Lazard serves include:

• Corporations, Governments, and Sovereign Entities: These clients primarily engage Lazard for financial advisory services such as mergers and acquisitions, restructurings, capital raising, and strategic advice. This category also includes entities like corporate pension plans or sovereign wealth funds whose assets Lazard may manage.
• Institutional Investors: This category encompasses a wide array of institutional clients for Lazard's Asset Management division, including public and corporate pension funds, endowments, and foundations. These clients entrust Lazard with managing significant investment portfolios.
• High-Net-Worth Individuals and Families: Through its Asset Management business, Lazard also provides investment management and wealth advisory services to affluent individuals, family offices, and other private clients.

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• Bloomberg L.P.
• S&P Global Inc. (SPGI)
• FactSet Research Systems Inc. (FDS)
• Microsoft Corporation (MSFT)
• Amazon.com, Inc. (AMZN)

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Peter R. Orszag, Chief Executive Officer and Chairman

Peter R. Orszag joined Lazard in May 2016 as Vice Chairman of Investment Banking, subsequently becoming CEO of Lazard's Financial Advisory in April 2019, and assumed the role of CEO and Chairman of Lazard on October 1, 2023. Prior to Lazard, Mr. Orszag served as Vice Chairman of Corporate and Investment Banking and Chairman of the Financial Strategy and Solutions Group at Citigroup. In public service, he was the 37th Director of the Office of Management and Budget (OMB) under President Barack Obama and Director of the Congressional Budget Office (CBO). He founded a consulting group, Sebago Associates, which was later acquired by FTI Consulting Inc.

Mary Ann Betsch, Chief Financial Officer

Mary Ann Betsch became Chief Financial Officer of Lazard in October 2022. Before joining Lazard, Ms. Betsch worked at Citadel from 2018, where she helped lead the finance and accounting function. She previously spent 17 years at PwC as a partner, holding various audit and advisory roles for global investment banks and other financial institutions. Ms. Betsch also completed a two-year fellowship program supported by the Federal Reserve Board's Chief Accountant.

Kenneth M. Jacobs, Senior Chairman and Senior Advisor to the Board

Kenneth M. Jacobs is the Senior Chairman and Senior Advisor to the Board of Lazard. He served as Chairman and Chief Executive Officer of Lazard from November 2009 to September 2023 and Executive Chairman until December 2024. Mr. Jacobs initially joined Lazard in 1988, becoming a partner in 1991 and Deputy Chairman and Head of North America in 2002. He began his career at Goldman, Sachs & Co.

Evan L. Russo, Chief Executive Officer of Asset Management

Evan L. Russo became Chief Executive Officer of Lazard's Asset Management business in June 2022. He previously served as Chief Financial Officer of Lazard Ltd and Lazard Group from October 2017 until October 2022. Mr. Russo has been a Managing Director of Lazard since 2009, and prior to becoming CFO, he was Co-Head of Lazard's Capital Markets and Capital Structure Advisory practice. He joined Lazard as a Director in 2007, having previously worked for Goldman Sachs & Co. in the Investment Banking Division and for Barclays Capital.

Mary Ann Deignan, Managing Director, Global Head of Shareholder Advisory and Activism Defense Group

Mary Ann Deignan is a Managing Director and the Global Head of Shareholder Advisory and Activism Defense Group at Lazard, advising clients on shareholder activism, strategic investor relations, capital raising, and corporate governance. She is also Head of Capital Markets Advisory. Ms. Deignan joined Lazard in November 2016. Before Lazard, she was Co-Head of Global Equity Capital Markets at Bank of America Merrill Lynch and Head of Americas Equity Capital Markets at UBS Investment Bank. She started her career at Bankers Trust in leveraged finance.

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The key risks to Lazard's business are primarily driven by external market forces and intense industry competition.

1. Market Volatility and Economic Uncertainty: Lazard's business, encompassing both financial advisory and asset management, is highly susceptible to global market volatility and economic uncertainty. Such conditions can lead to clients delaying or canceling mergers and acquisitions (M&A) transactions, directly impacting the company's Advisory segment revenues. Similarly, the Asset Management segment can suffer from reduced inflows or increased outflows as investors seek safer havens for their capital during uncertain times. Market instability can also compress margins due to slower deal flow and intensified competition for available transactions. Geopolitical instability, shifts in international trade policies, interest rate fluctuations, and currency fluctuations further contribute to this economic uncertainty, impacting corporate confidence and major deal-making activities.
2. Net Outflows and Intense Competition in Asset Management: The persistent net outflows in Lazard's Asset Management segment represent a significant risk to the company's overall financial health. A continuation of this trend could lead to a decline in Assets Under Management (AUM), directly reducing the segment's revenue and profitability. The asset management landscape is increasingly challenging due to intense competition from established firms and the growing market share of passive investment strategies, which place downward pressure on fees for active managers like Lazard.
3. Competition for Talent and Market Share in Financial Advisory: Lazard operates in a highly competitive financial advisory industry. This competition extends not only to securing mandates for M&A and other advisory services but also to attracting and retaining top talent, particularly Managing Directors (MDs). Some analysts have expressed concern over Lazard's relatively slower growth in MD hiring compared to its peers, which could potentially hinder its ability to capture market share, especially in an improving M&A environment, and limit its expansion into new industry verticals or geographic regions.

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The continued and intensifying shift of investor capital from active management to lower-cost passive investment strategies (index funds, ETFs), which exerts significant fee compression pressure across the asset management industry.

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Financial Advisory

Asset Management

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Lazard (LAZ) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives and market opportunities:

1. Expansion of Financial Advisory Business: Lazard aims to increase its Financial Advisory revenue by expanding its team of Managing Directors, with a goal of adding 10-15 net Managing Directors annually. The firm is also focusing on key growth sectors such as energy transition, technology disruption, healthcare evolution, industrials, and private capital. Furthermore, a projected pickup in M&A activity, particularly in the U.S. during the second half of 2025, is anticipated to contribute significantly to this segment's revenue. Restructuring and liability management also continue to be strong contributors.

2. Growth of Asset Management Offerings and Flows: Lazard is focused on improving investment performance and sharpening its focus on areas where active management can add significant client value, including quantitatively driven strategies, emerging markets, and customized solutions. The firm is also expanding its product offerings by launching new active ETFs, with six strategies introduced in 2025 and more planned. These efforts are aimed at achieving more balanced and ultimately positive net flows in its Assets Under Management (AUM), which has shown recent success with net positive flows of $1.6 billion year-to-date in Q3 2025.

3. Geographic Expansion: Lazard is strategically expanding its global footprint by opening new offices in key geographies, specifically in the Middle East and Northern Europe. This expansion is part of its broader strategy to leverage its global presence and local expertise to serve a wider client base and capture new market opportunities.

4. Leveraging Technology and AI: The company is investing in technology integration, particularly artificial intelligence (AI) and digital knowledge transformation, to enhance its operational performance and accelerate proprietary insights for clients across both its Financial Advisory and Asset Management businesses. This focus on innovation is expected to drive productivity and improve service delivery.

5. Strategic Focus on Private Capital: Lazard is actively expanding its work and expertise within the private capital market. This area is identified as a significant growth opportunity for its Financial Advisory segment, as private equity firms seek to deploy substantial capital.

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Share Repurchases

• In 2024, Lazard repurchased 1.4 million shares for approximately $60 million at an average price of $42.20 per share.
• As of January 24, 2025, the total outstanding share repurchase authorization was approximately $180 million. A new authorization of $200 million, expiring December 31, 2026, was made in July 2024.
• In 2022, the company repurchased a record 19.7 million shares at an average price of $35.17. As of September 30, 2022, the remaining repurchase authorization stood at $382 million.

Share Issuance

• Share repurchase programs are consistently used to offset dilution from shares issued under Lazard's incentive compensation plans.
• In 2024, $64 million was used to satisfy employee tax obligations in lieu of share issuances upon the vesting of equity grants.

Inbound Investments

• In 2023, preliminary discussions with the Abu Dhabi wealth fund ADQ regarding a potential acquisition of Lazard fell apart due to concerns about maintaining Lazard's independence.

Outbound Investments

• Lazard is actively exploring opportunities to acquire private credit firms to enhance its asset management division.
• The firm is particularly interested in acquiring companies specializing in private credit, infrastructure, real estate, and other areas where it currently has limited presence.
• Lazard has consistently made strategic investments to strengthen and broaden its capabilities, as highlighted in 2022.

Capital Expenditures

• Lazard's capital expenditures amounted to -$57.9 million USD based on the financial report for June 30, 2025.
• The average annual capital expenditures growth rates have been -11% over the past three years and -3% over the past five years.