Topic: How To Invest

Q: Pat, I would like your opinion on Lazard (NYSE LAZ). Thanks for your help.

Article Excerpt

A: Lazard Limited, $37.27, symbol LAZ on New York (Shares outstanding: 129.8 million; Market cap: $4.9 billion; www.lazard.com), is a financial advisory and asset management firm that engages in investment banking, asset management, and other financial services, primarily with institutional clients. Lazard is one of the world’s largest independent investment banks. It does business in 43 cities across 27 countries in North America, Europe, Asia, Australia, Central and South America. The firm’s principal offices are in New York City, Paris and London. Lazard operates two business segments: Financial Advisory, in which it provides advice on mergers and acquisitions, strategy, capital structure, and corporate finance; and Asset Management, in which it provides investment advice and services to corporations, partnerships, institutions, governments, and individuals. The Financial Advisory business segment has accounted for just over 50% of total revenue for each of the past five years. In 2018, Lazard provided advice on 61 corporate transactions (up from 50 in 2017) valued at more than $1…

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