Word: lazard
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Dates: during 1970-1979
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...belongs to the legendary economist who left the Federal Reserve Board in March after eight years as chairman. Last week, following a quiet little bidding war for his services, the former Fed chief accepted a job as "senior adviser" at the highly influential investment banking firm of Lazard Frères. While Henry Kissinger surely holds the modern pay record for ex-Washington officials in part-time jobs on Wall Street,* Burns will do all right for a retired bureaucrat of 74. His retainer: reportedly in the $100,000 to $200,000 a year range...
Burns was wooed to the Lazard firm by Andre Meyer, 80, the firm's longtime senior partner and chief deal maker who retired, at least formally, late last year. But he and his successor, Michel David-Weill, 45, a French-born, fourth-generation member of the founding Lazard family, have scored other recent recruiting coups. Three weeks before the Burns announcement, Lazard startled the club by world of New York investment banking by poaching four senior men from a much larger rival, Lehman Brothers Kuhn Loeb. Among them was James Glanville, 55, a Lehman managing director...
Though small by major investment-bank standards, Lazard has prospered, mostly by being aggressively traditional. Following a Wall Street fashion, Lehman and other firms have been busy turning themselves into financial "supermarkets" that do everything from securities trading and corporate advice to merger brokering. Yet Lazard has remained a loosely structured group of partners; it aims to avoid large-volume low-profit activities like brokerage and remain a "deal" firm specializing in big corporate sales and mergers. A recent Lazard achievement: it put together Chrysler's sale of its European operations to Peugeot. While, at larger firms, the earnings...
David-Weill has cut Lazard's roster of full partners from 30 to 21. Those remaining, including the best-known of all, Felix Rohatyn, 50, the mastermind of New York City's financial rescue, have agreed to reduce their share of profits to make more money available for recruitment. To move into municipal bond trading, David-Weill hired the top traders at five of the biggest bond houses. Some other heavyweight hires: Frank Zarb, once the Ford Administration's energy czar, and Donald Cook, former chairman of American Electric Power, one of the U.S.'s largest...
...tough job will be to change those investments so that real estate and mortgages represent no more than half the assets. The big insurance company, which has overall fiduciary responsibility for the fund, will be aided by four co-managers: Crocker National Bank, Mercantile National Bank at Dallas, Lazard Fréres, the New York City investment banking company, and Victor Palmieri & Co., a Los Angeles and Washington asset management firm...