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Lazard Asset Management Buys US Firm, Builds Family Office Business
Tom Burroughes
3 March 2023
, a firm overseeing $4.8 billion of assets under management. As part of the deal, the firms have created Lazard Family Office Partners. Lazard Family Office Partners will integrate investment management, risk management, and family office services into one offering, Lazard said in a statement yesterday. Lazard’s total wealth management AuM, including assets in Europe, runs to about $22 billion. The M&A deal isn't the only example of such deals creating family offices and larger FO offerings. At the start of this year, for example, US-based Tiedemann completed its merger with London-based Alvarium.
The new offering will run a total of $8 billion in assets, including LAM’s existing US private client business, and provide advice and investment solutions across public and private markets.
"Demand for sophisticated and innovative wealth management solutions is increasing as family offices navigate the ever-changing markets and economic environment," Evan Russo, chief executive of LAM, said.
Truvvo’s team, including partners Casey Whalen, Jerome Antenen, Alison Rosenzweig, Caitlin Reynolds and Danielle Roseman, will be based in the New York office.