Word: lazard
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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...
...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...
Selling Grandma. The firms selected for takeover, says Felix Rohatyn, a partner in the investment house of Lazard Freres, are usually "very solid, stable, unglamorous, medium-size companies." Also, their stock is primarily held by individual investors rather than such institutions as mutual funds and pension funds, which would be more likely to compare the tender-offer price with book value and reject it. But some Wall Streeters speculate that takeover attempts may soon be made against companies controlled by institutions that are getting tired of holding undervalued shares. Says William Chatlos, a partner in Georgeson & Co., a proxy solicitor...
Last July Felix Rohatyn, a partner in the investment banking firm of Lazard Freres who has since become chairman of New York's Municipal Assistance Corporation, suggested Otis to United as a ripe acquisition prospect. Otis, although No. 1 in its industry, has had a slowdown in orders because of the worldwide decline in construction starts on high-rise buildings. Still, the company gets a steady and reliable flow of business-about half its revenues-from maintenance of existing installations. Also, more than half of its 1974 sales of $ 1.1 billion came from overseas, where United would like...