Lazard appoints former Schroders CEO to board

NEW YORK - Lazard, Inc. (NYSE: LAZ), a prominent financial advisory and asset management firm with a market capitalization of $4.5 billion, announced the appointment of Peter Harrison to its Board of Directors on Monday. Harrison, with over 35 years in investment management and previously the Group CEO of Schroders (LON:SDR) plc, brings extensive industry experience to Lazard’s strategic focus on enhancing its asset management division. According to InvestingPro data, the company maintains a robust financial health score of "GOOD" and achieved impressive revenue growth of 21% in the last twelve months.

The company’s CEO and Chairman, Peter R. Orszag, expressed enthusiasm for Harrison’s addition, citing his world-class leadership and global network as assets that will contribute to Lazard’s long-term growth strategy. Harrison’s tenure at Schroders witnessed a significant increase in assets under management, as well as an expansion into private markets and wealth management, marked by a joint venture with Lloyds Banking Group (LON:LLOY). Notably, Lazard has maintained dividend payments for 21 consecutive years, currently offering a 4% yield, demonstrating its commitment to shareholder returns.

Harrison’s career also includes high-ranking positions at J.P. Morgan and Deutsche Asset Management, and leadership roles at RWC Partners Limited. Beyond corporate roles, he has been actively involved in industry taskforces in the UK and chairs a responsible business charity.

Dan Schulman, Lead Independent (LON:IOG) Director of Lazard’s Board, highlighted Harrison’s appointment as a reflection of the firm’s commitment to building a robust future for Lazard. The appointment follows a previous expansion of the board and is seen as a strategic move to bolster the company’s asset management capabilities.

Lazard, founded in 1848, operates globally, providing a range of financial services including M&A advisory, capital markets solutions, restructuring, and asset management. The firm serves a diverse clientele, including institutions, corporations, governments, and individuals.

The addition of Peter Harrison to Lazard’s Board is based on a press release statement and reinforces the firm’s dedication to its asset management strategy and overall corporate growth.

In other recent news, Lazard Ltd (NYSE:LAZ) reported its fourth-quarter earnings for 2024, surpassing expectations with an earnings per share (EPS) of $0.78, compared to the forecast of $0.63. The company’s revenue also exceeded projections, reaching $817 million against an expected $784.45 million. Despite these positive results, Lazard’s stock experienced a minor decline in aftermarket trading, reflecting cautious market sentiment. Additionally, Lazard announced the hiring of Chris Miller as a Managing Director in its Power, Energy & Infrastructure Advisory business, enhancing its advisory capabilities in the Oil & Gas sector.

Meanwhile, the Ontario Teachers’ Pension Plan is considering a sale of Mitratech, a legal and compliance software provider, with Lazard engaged to initiate the sale process. This potential deal could value Mitratech at over $4 billion, drawing interest from private equity firms and software competitors. These developments highlight Lazard’s active role in high-profile transactions and strategic advisory services. Furthermore, Lazard’s Financial Advisory segment generated $508 million in Q4, marking a 6% increase, while Asset Management revenue rose by 5% to $287 million. The firm continues to focus on diversifying its offerings and expanding into new markets, with ongoing investments in technology and market expansion.

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