Lazard

What Lazard does

Lazard, Inc. (NYSE: LAZ) is a global financial advisory and asset management firm founded in 1848 and headquartered at 30 Rockefeller Plaza, New York. The firm operates two core businesses: Financial Advisory — providing M&A, capital markets, restructuring and liability management, sovereign and geopolitical advisory, and shareholder activism defense to corporations, governments, and financial sponsors; and Asset Management — offering equity, fixed income, multi-asset, and alternative strategies through Lazard Asset Management, Lazard Frères Gestion, and Lazard Private Wealth Management, with approximately $259 billion in AUM as of Q1 2026 (growing to ~$284.8 billion by May 2026). Following the April 2026 acquisition of Campbell Lutyens for ~$575 million, Lazard is forming a third global business, Lazard CL, focused on private capital advisory with 280+ professionals across 18 offices.

The firm earns revenue primarily through transaction-based advisory fees (a record $1.825 billion in Financial Advisory for full-year 2025) and recurring management and performance fees on AUM (Q1 2026 Asset Management revenue up 42% YoY to $410 million). FY2025 net revenue reached $3.099 billion, with Q1 2026 net revenue of $757 million (+17% YoY) and GAAP net income of $101 million ($0.91 per diluted share). Lazard distributes exclusively through direct senior advisory relationships (Managing Directors and senior bankers covering C-suite, government, and family office clients across 26 countries and 39 cities), supplemented by proprietary research publications such as the LCOE+ report (now in its 18th year) and Political Capital geopolitical analysis. The firm is executing the Lazard 2030 growth strategy under CEO Peter Orszag, targeting revenue doubling with emphasis on private capital connectivity, AI-enabled productivity, and continued geographic expansion (recently adding Copenhagen, Riyadh, and Abu Dhabi).

Name

Lazard

Legal name

Lazard Frères & Co. LLC

Website

https://lazard.com

Company type

Public

Founded year

1848

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Lazard is a global financial advisory and asset management firm (NYSE: LAZ) serving corporations, governments, financial sponsors, and high net worth individuals across 26 countries. It provides M&A, restructuring, capital markets, and geopolitical advisory alongside ~$259B in asset management AUM, with FY2025 net revenue of $3.099 billion.

Ownership category

akta.pro rank

Product category

Investment Banking & Asset Management

NAICS

All Other Financial Investment Activities (52399), Trust, Fiduciary, and Custody Activities (523991), Open-End Investment Funds (52591)

SIC

Investment Advice (6282), Services-Management Consulting Services (8742), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Restructuring & Turnaround Advisory (BPAHADAD)

akta.pro secondary industries

Turnaround, Restructuring & Crisis Management Consulting (BPAHACAO), Institutional Consultants & Fiduciary Management (Investment Consulting) (FSAAAGAJ), Equity-Linked Liability Management (Buybacks/Tender Offers/Exchange Offers) (FSACAAAL), Turnaround / Restructuring Private Equity Funds (FSANAKAC)

Keywords

• Financial advisory services
• Investment banking
• Asset management
• Mergers and acquisitions
• Restructuring advisory

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices27 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Financial Advisory: Advisory fees from M&A, strategic advisory, capital markets advisory, restructuring and liability management, and specialized advisory including geopolitical and sovereign advisory. Revenue includes transaction fees, retainer fees, and success fees. Q4 2025 Financial Advisory revenue reached record $1.825 billion. Q1 2026 Financial Advisory revenue declined 2% to $360 million.
2. Asset Management: Management fees and performance fees based on assets under management (AUM). Lazard Asset Management manages approximately $226-284 billion across equity, fixed income, multi-asset, and alternative strategies. Q1 2026 Asset Management revenue grew 42% year-over-year to $410 million. AUM grew 14% to $259 billion as of early 2026.
3. Capital Markets Advisory: Advisory and placement fees for debt and equity capital raising, including IPO advisory, follow-ons, rights offerings, and private placements. The Private Capital Advisory team (over 120 professionals globally) advises on secondary transactions, GP solutions, and fundraising.
4. Restructuring Advisory: Fees for advisory services in distressed situations including Chapter 11 proceedings, out-of-court restructurings, creditor negotiations, and liability management transactions. The Restructuring group has more than 100 dedicated professionals globally.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Lazard is a global financial advisory and asset management firm. Its Financial Advisory business provides advice on mergers and acquisitions, capital markets, restructuring and liability management, sovereign and geopolitical advisory, and shareholder activism defense to corporations, governments, and financial sponsors. Its Asset Management business, managing approximately $226–284 billion in AUM, offers equity, fixed income, multi-asset, and alternative investment strategies to institutional and private clients through Lazard Asset Management, Lazard Frères Gestion, and Lazard Private Wealth Management.

Product overview

Lazard operates as a dual-core business offering Financial Advisory and Asset Management services. Financial Advisory provides integrated advisory capabilities including M&A and Strategic Advisory, Capital Markets Advisory, Restructuring & Liability Management, and Specialized Advisory (Geopolitical, Sovereign, Shareholder Advisory). Asset Management manages approximately $226 billion through Lazard Asset Management (global equity, fixed income, multi-asset, alternatives), Lazard Frères Gestion (France-focused), and Lazard Private Wealth Management. The firm also publishes research including the Levelized Cost of Energy+ (LCOE+) report and Political Capital research. Lazard 2030 is the firm's long-term growth strategy focused on AI adoption and revenue doubling by 2030.

Differentiator

Problem solved

Functional benefit

Brands

• Lazard Asset Management: Global asset management platform managing approximately $226 billion in assets, serving institutions, corporations, governments, and high net worth individuals
• Lazard Frères Gestion
• Lazard Private Wealth Management
• Levelized Cost of Energy+ (LCOE+)

Products and services

• Financial Advisory Lazard's core advisory service providing sophisticated advice on mergers and acquisitions, capital markets, restructuring, and strategic matters to corporations, governments, and institutions worldwide. Includes M&A advisory, capital markets advisory, restructuring & liability management, and specialized advisory services.
• M&A and Strategic Advisory

Quantifiable outcome

• Record $1.825 billion Financial Advisory revenue in full-year 2025
• +4 more outcomes

Named customers13 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

19 partnerships are on record, tiered core, flagship and minor.

• Campbell LutyenscoreStrategic or Co-development Partner · 30 April 2026Lazard acquired Campbell Lutyens, the largest independent private capital adviser, for approximately $575 million in an all-stock deal with up to $85 million additional performance-based consideration. The transaction creates Lazard CL as Lazard's third global business with over 280 advisory professionals across 18 offices. The combined entity projects approximately $500 million in revenue in 2027 and is co-led by Gordon Bajnai (former Campbell Lutyens CEO) and Holcombe Green III.
• ElaiacoreStrategic or Co-development Partner · 12 March 2026Lazard and Elaia launched Lazard Elaia Capital, a joint venture combining traditional venture capital and private equity investment approaches. The vehicle targets established European software businesses requiring flexible capital. Total assets under management exceed €1 billion following the launch, including Elaia's DV5 fund (€120m) and DeepTech Seed Fund DTS3 (€134m), plus the LEC vehicle. The first $100 million investment was made in DentalMonitoring, a Paris-based AI-powered orthodontic company.
• NextEra Energy Inc.flagshipStrategic or Co-development PartnerLazard served as financial advisor to NextEra Energy on its $67 billion acquisition of Dominion Energy (enterprise value $117 billion). The transaction is the biggest straight M&A deal of 2026 and vaulted Lazard significantly up in the Wall Street M&A league tables, validating the bank's push to build a top-tier investment banking franchise.
• Westcon InternationalflagshipStrategic or Co-development PartnerLazard advised on the refinancing of Westcon International and minority investment of $440 million. The transaction represents a complex refinancing and equity investment supporting the company's strategic objectives.
• DentraMonitoringflagshipStrategic or Co-development PartnerLazard Elaia Capital's first investment of $100 million in DentalMonitoring, a Paris-based AI-powered orthodontic monitoring company, representing the initial deployment of the joint venture's capital.
• CinvenminorStrategic or Co-development PartnerLazard was hired by private equity firm Cinven to explore strategic options for Accumin, a real estate advisory firm, at a potential valuation of approximately €1 billion. This represents Cinven's second attempt to divest Accumin after a failed sale effort five years ago.
• Belgian Government / BelfiusflagshipStrategic or Co-development PartnerLazard is advising the Belgian government on strategic options for Belfius, including potentially selling a 20-30% minority stake to raise capital for increased defense spending and meet NATO targets. The Belgian state-owned bank could be valued at approximately €10 billion, with a potential future IPO being evaluated.
• Fraikin GroupminorStrategic or Co-development PartnerLazard alongside Bank of America was retained as financial advisor to explore a sale of Fraikin Group, a French commercial vehicle rental company. The potential transaction could value Fraikin at up to €3 billion ($3.5 billion).
• PhononicminorStrategic or Co-development PartnerLazard was retained to run the strategic review for Phononic, a Durham-based solid-state cooling company in active sale discussions at a reported valuation of at least $1.5 billion with offers exceeding $2 billion.
• TenneT HoldingflagshipStrategic or Co-development PartnerLazard advised TenneT on a landmark energy infrastructure transaction in Germany in summer 2024. The mandate required navigating multiple stakeholder groups, aligning public and private interests, and advancing parallel transaction paths. The transaction reflects broader European decarbonization and grid expansion objectives.
• BT GroupminorStrategic or Co-development PartnerLazard (alongside Goldman Sachs) is expected to advise BT Group on revived talks over a sale or partnership of its international unit. CEO Allison Kirkby is pursuing focus on the core UK market.
• DatatecminorStrategic or Co-development PartnerLazard advised Datatec on strategic options including separate listings or sale of its Logicalis and Westcon International divisions, following strong full-year results with gross invoiced income of $8.46 billion.
• OGC NiceminorStrategic or Co-development PartnerLazard was mandated to find a buyer for OGC Nice, the Ligue 1 football club owned by INEOS. The club has been up for sale for over a year, with British investment fund in advanced talks at a target date of June 15th.
• Senior plcminorStrategic or Co-development PartnerLazard and Jefferies were appointed to solicit offers for UK engineering group Senior plc after the board rejected undervalued bids from one party, leading to superior proposals from separate bidders. The company's £40 million share buyback was postponed.
• PoongsanminorStrategic or Co-development PartnerLazard was hired alongside Kim & Chang and Samil PwC to explore a sale of Poongsan's munitions business, valued at approximately 1.5 trillion won ($1 billion). The sale is driven by a succession dilemma as the chairman's U.S. citizen son cannot legally assume management of a defense firm.
• SNCFminorStrategic or Co-development PartnerLazard is working with French state-owned transport group SNCF on considering a stake sale in Rail Logistics Europe unit, which could value the rail freight logistics business at up to €800 million. The unit employs about 9,500 people across 10 countries.
• Theravance BiopharmaminorStrategic or Co-development PartnerLazard is advising Theravance Biopharma's Strategic Review Committee exploring potential sale of the company following a failed Phase 3 trial for ampreloxetine and subsequent restructuring.
• Trinseo PLCminorStrategic or Co-development PartnerA creditor group of Trinseo retained Lazard alongside Gibson Dunn to represent their interests in debt restructuring negotiations as the chemical maker's demand continues to decline.
• Lazard Global Total Return and Income FundcoreStrategic or Co-development PartnerLazard Asset Management serves as investment manager for the Lazard Global Total Return and Income Fund, a closed-end management investment company. The fund declared monthly distributions of $0.1534 per share with an annualized current distribution rate of approximately 10-11% of NAV.

Scale indicators18 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Evercore: Independent M&A and capital-markets advisory firm operating with a similar senior-banker model. Evercore is the closest pure-play comp to Lazard's Financial Advisory business, with comparable league-table positioning in large-cap M&A.
• Rothschild & Co: Global independent advisory firm with strengths in M&A and restructuring. Rothschild's structure mirrors Lazard's independent, advisory-only model and similar European heritage, making it a natural benchmark for cross-border advisory revenue.
• Moelis & Company: Independent M&A and restructuring advisory firm with a senior-banker-led model. Moelis competes directly with Lazard across large-cap M&A and restructuring mandates, particularly in the U.S. middle and large-cap markets.
• PJT Partners: Independent advisory firm spun out of Blackstone with focus on M&A, restructuring, and strategic capital advisory. PJT directly competes with Lazard's restructuring and capital solutions practices.
• Houlihan Lokey: Global investment bank with leading restructuring practice alongside M&A and capital markets. Houlihan Lokey is a primary competitor in Lazard's Restructuring & Liability Management group.
• Centerview Partners: Elite independent M&A advisory firm focused on the largest U.S. transactions. Centerview competes head-to-head with Lazard on marquee M&A mandates and is a key league-table comp.
• Greenhill & Co: Independent M&A advisory firm with a senior-banker model. Smaller in scale than Lazard but operates in the same competitive set for independent advisory mandates.

Broad incumbents

• Jefferies Financial Group: Diversified investment bank with a strong independent-style advisory culture alongside capital markets execution. Jefferies competes with Lazard on M&A while offering execution capabilities Lazard lacks.
• Morgan Stanley: Global bulge-bracket with significant M&A and capital markets advisory presence. A key competitor for Lazard on large-cap transactions where execution capability matters.
• Schroders: Global asset manager with active equity, fixed income, and alternatives capabilities. Comparable to Lazard Asset Management across institutional investment strategies, and notably connected through Lazard board director Peter Harrison (former Schroders CEO).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

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• Facebookfacebook.com/LazardCareers

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries5 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments8 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lazard