1848 –
Alexandre, Elie and Simon Lazard, brothers from Lorraine, leave
their native France and settle in New Orleans where they lauch a
general merchants/dry goods company, Lazard Frères &
Co.
1849 –
The brothers follow the Gold Rush and take the firm to San Francisco.
The firm expands into banking and foreign exchange, increasingly
devoted to finance.
1852 –
One of the brothers returns to France and opens Lazard Frères
et Cie. in Paris with the initial purpose of advising the French
government on its gold buying.
1856 –
The brothers' cousin, Alexandre Weill (Michel David-Weill's great-grandfather),
moves to the US to join the company as their bookkeeper. The US
arm of the company continues its expansion adding arbitrage services
during the Civil War.
1870 –
The brothers open an office in London named Lazard Brothers. London
is a branch office until 1905.
1876 –
Lazard Frères is now wholly focused on its banking operations.
1880 –
Alexandre Weill, who remains in charge of the US business, takes
it to New York from San Francisco.
Each of the three offices grows into a leading investment or merchant
bank in its respective area.
1905 –
Robert Kindersley enters the partnership and the London branch becomes
a separate company. He is a well-known stockbroker, eventually to
become the first Lord Kindersley, a Director of the Bank of England
and Governor of the Hudson's Bay Company.
1919 –
The London partnership now becomes a private company as the Bank
of England restricts foreign ownership of UK banks. The family sells
45% of Lazard Brothers to SP Pearson & Sons (now Pearson PLC),
a civil engineering company.
1932 –
SP Pearson increases its stake to 80%.
During the early years of the 20th century, David-Weill (Alexandre's
son; the family surname was legally changed to the hyphenated version
) runs the firm out of Paris together with Michel and André
Lazard, sons of the first generation Lazard brothers.
As neither of the scions of the Lazard family have male heirs,
David-Weill becomes sole senior partner of the firm before the Second
World War. He is a celebrated French financier, Régent of
the Banque de France, renowned art collector and philanthropist.
In turn, David David-Weill's son, Pierre, becomes a partner of
the Paris office in 1927.
1940s –
Pierre David-Weill flees from the Nazi invasion to New York during
the Second World War, alongside one of the younger non-family Paris
partners Andre Meyer. Together they shift the focus to the US branch
of the firm until the end of the war.
1950s –
Lazard Frères & Co. in New York comes into its own in
the 1950s and 1960s under the leadership of Andre Meyer who had
become Head of Lazard's US operations in 1944 upon Pierre David-Weill's
return to France.
Meyer and a little later Felix Rohatyn build a firm which attains
Mergers and Acquisitions supremacy. Pierre David-Weill's son Michel
helps rebuild Lazard Frères et Cie. in Paris in the late
1950s, having joined the firm in 1956.
1970 –
Lazard Asset Management (LAM) formed.
1970s –
A turning point for the firm as Andre Meyer falls into ill-health
and Michel David-Weill oversees the firm's New York operations as
well as Paris.
1977 –
Michel David-Weill takes over as Chairman.
1979 –
Death of Andre Meyer.
In the late 1970s, Lazard Frères et Cie. in Paris does not
follow the trend toward branch retail networks and thus avoids being
nationalized in 1981 along with most of France's banks.
1984 –
Michel David-Weill decides to unite the Lazard firms as he recognizes
and anticipates the trend for global Mergers and Acquisitions deals.
He forms a new entity, Lazard Partners, which owns stakes in the
New York and Paris offices and he buys back a large stake of the
London office from Pearson. Pearson reduces its direct stake in
Lazard Brothers in exchange for a 50% interest in the new entity
Lazard Partners.
1999 –
The David-Weill family buys out Pearson.
2000 –
The unification of the Paris, London and New York Houses is completed
to form Lazard LLC.
2002 –
Bruce Wasserstein joins the firm as Head of Lazard.
2004 –
Ashish Bhutani named CEO of LAM.
Lazard files for public listing in US.
2005 –
Lazard ends 157 years of private ownership and begins trading publicly
on the New York Stock Exchange under the ticker symbol "LAZ".