Lazard refocuses the management of its French holding company Compagnie Financire Lazard Frres

The Franco-American investment bank Lazard announced on Tuesday a reorganization, with “unified management”, of its French holding company Compagnie Financière Lazard Frères (CFLF) under the leadership of asset management boss François-Marc Durand.

CFLF brings together Lazard Frres Gestion, a consulting and asset management company which manages nearly 36 billion euros on behalf of institutional and private investors, and Lazard Frres Banque, which essentially performs back-office functions for Lazard Frres Management.

The current president of Lazard Frres Gestion, Franois-Marc Durand, will also take over as president of CFLF, replacing Matthieu Bucaille, former financial director of the group.

The appointment of Franois-Marc Durand follows a desire to bring together complementary businesses in France serving the same private and institutional clients (…) thanks to unified management within the French holding company, commented Lazard in a press release.

The new general director of Lazard Peter Orszag (with the group since 2016, after having been, among other things, budget director for American President Barack Obama), in office since October, wants to double the group’s turnover by 2030.

Over the whole of 2022, Lazard – which has been going through a bad patch since the middle of last year linked to the halt in the mergers and acquisitions market – had generated a turnover of $2.77 billion. , down 12%. Net income fell 32% to $358 million.

The bank was in deficit this year in the first and second quarters, returning slightly to the green in the third. It has initiated a departure plan affecting 10% of its employees.

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