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Item 1. Business

2026-02-23 compared with 2025-02-24 · 36 added, 103 removed, 288 unchanged (33% of the section changed)

Founded in 1848, Lazard is one of the world's preeminent financial advisory and asset management firms, with operations in North and South America, Europe, the Middle East, Asia, and Australia.

Founded in 1848, Lazard is a global financial advisory and asset management firm with operations in North and South America, Europe, the Middle East, Asia, and Australia.

Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals.

We aim to deliver independent, differentiated advice and solutions grounded in contextual alpha—the broad insight and judgment needed to navigate macroeconomic, geopolitical, and other factors that we believe help leaders see beyond what the world sees today.

Principal Business Lines

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We advise leaders on their most important financial and strategic matters, serving as a trusted advisor whose mission is to ensure the best result for our clients.

Our Financial Advisory business offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a wide array of advisory services including mergers and acquisitions (“M&A”) advisory, capital markets advisory, shareholder advisory, sovereign advisory, geopolitical advisory, restructuring and liability management, capital raising and placement, and other strategic matters.

Our Financial Advisory business offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a wide array of advisory services including mergers and acquisitions (“M&A”) advisory, strategic capital solutions, shareholder advisory, sovereign advisory, geopolitical advisory, restructuring and liability management, capital raising and placement, and other strategic matters.

We continue to build our Financial Advisory business by fostering long-term relationships with existing and new clients as their independent advisor on strategic transactions and other matters.

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• increasing our connectivity to private capital;

• expanding the breadth and depth of our industry expertise and selectively adding or reinforcing practice areas, such as our Capital Markets Advisory, Shareholder Advisory, Sovereign Advisory and Geopolitical Advisory groups;

• expanding the breadth and depth of our industry expertise and selectively adding or reinforcing practice areas, such as our Strategic Capital Solutions, Shareholder Advisory, Sovereign Advisory and Geopolitical Advisory groups;

• coordinating our industry specialty activities on a global basis and increasing the integration of our industry experts in M&A with our other professionals;

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• financial sponsors’ drive to monetize aging portfolio assets and raise new funds;

• a more favorable regulatory environment, especially in the U.S.;

• improved macroeconomic conditions and stable economic outlook;

• a stable regulatory environment, especially in the U.S.;

• improved macroeconomic conditions, easing interest rates and stable economic outlook;

• increased CEO confidence ascertained through global client interactions, along with positive market sentiment;

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Our top ten clients accounted for 24% of our total assets under management (“AUM”) as of December 31, 2025, with no client individually contributing more than 10% of our Asset Management segment net revenue.

Approximately 82% of our AUM as of December 31, 2024 was managed on behalf of institutional and intermediary clients, including corporations, labor unions, pension funds, insurance companies and banks, and through sub-advisory relationships, mutual fund sponsors, broker-dealers and registered advisors, and approximately 18% of our AUM was managed on behalf of individual client relationships, which are principally with family offices and high net worth individuals.

Approximately 82% of our AUM as of December 31, 2025 was managed on behalf of institutional and intermediary clients, including corporations, labor unions, pension funds, insurance companies and banks, and through sub-advisory relationships, mutual

fund sponsors, broker-dealers and registered advisors, and approximately 18% of our AUM was managed on behalf of individual client relationships, which are principally with family offices and high net worth individuals.

The charts below illustrate the mix of our AUM as of December 31, 2025, measured by product platform and by office location.

Our Asset Management business maintains offices in New York, Amsterdam, Bordeaux, Boston, Brussels, Chicago, Dubai, Dublin, Frankfurt, Geneva, Hamburg, Hong Kong, London, Luxembourg, Lyon, Madrid, Milan, Montreal, Nantes, Paris, Riyadh, San Francisco, Seoul, Singapore, Sydney, Tokyo, Toronto, Vienna and Zurich.

These operations, with 124 managing directors and 1,160 other professionals and support staff as of December 31, 2025, provide our Asset Management business with both a global presence and a local identity.

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Our Asset Management business provides equity, fixed income, cash management and alternative investment strategies to our clients, paying close attention to our clients’ varying and expanding investment needs.

We offer the following product platform of investment strategies:

Global Multi-Regional Local Emerging Markets

Equity Global

Large Capitalization

Small Capitalization

Listed Infrastructure

Managed Volatility

Global Ex-Australia

Global Ex-U.S.

Global Ex-Emerging Markets

Gender Diversity

Quantitative Climate

Large Capitalization

Small Capitalization

Multi-Capitalization Value

Large Capitalization

Small Capitalization

Continental European

Small Capitalization

Multi Capitalization

Asia Ex-Japan

Europe, Australasia and Far East

Large Capitalization

Small Capitalization

Multi-Capitalization

Large Capitalization

Small Capitalization

Multi-Capitalization

Quantitative Small Capitalization

Quantitative Large Capitalization

(Large Capitalization)

Large Capitalization

Small Capitalization

Emerging Markets

Large Capitalization

Small Capitalization

Managed Volatility

Middle East North Africa

Core/Core Plus

Short Duration

Cash Management

Absolute Return

Cash Management

Duration Overlay

Core/Core Plus

Cash Management

Corporate Bonds

Scandinavian Short Duration

Core/Core Plus

Short Duration

Cash Management

Emerging Markets

Emerging Debt-

Core/Local/Blend/Corporate

Cash Management

Alternative Global

Arbitrage/Relative Value

Sustainable Private Infrastructure

Private Equity Fund of Funds

Real Assets Fund of Funds

Illiquid Credit Fund of Funds

Long/Short Equity

Quantitative Long/Short Equity

Japan Long/Short Equity

Emerging Markets

Emerging Debt Total Return

Emerging Income

In addition to the primary investment strategies listed above, we also provide other asset management services to our clients, including asset allocation and other investment advisory services, as well as locally customized investment solutions.

We also provide other asset management services to our clients, including asset allocation and other investment advisory services, as well as locally customized investment solutions.

In many cases, we also offer both diversified and more concentrated versions of our products.

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• expanded our product platform, including through sustainable strategies, quantitative equity strategies, thematically oriented strategies and the upcoming launch of actively managed ETFs;

• invested in our technology infrastructure and data science capabilities to enhance our business;

• invested in our technology infrastructure and artificial intelligence capabilities to enhance our business;

• continued to expand our geographic reach where opportunities arise.

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We engage in selected alternative investments and private equity activities.

In 2009, we established a private equity business with The Edgewater Funds (“Edgewater”), a Chicago-based private equity firm, through the acquisition of Edgewater’s management vehicles.

As of December 31, 2024, Edgewater had approximately $1.5 billion of AUM and unfunded fee-earning commitments.

We have historically, and may in the future, invest our own capital alongside that of other investors, in connection with certain of our activities in managing alternative asset and private equity investment vehicles.

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or in the European Union.

In 2013, the Company and the ACPR agreed on terms for the consolidated supervision of LFB and certain other non-Financial Advisory European subsidiaries of the Company (referred to herein, on a combined basis, as the “combined European regulated group”) under such rules.

Under this supervision, the combined European regulated group is required to comply with minimum requirements for regulatory net capital.

Additionally, the combined European regulated group, together with certain of our European Financial Advisory entities, is required to perform an annual risk assessment and provide certain other information on a periodic basis.

LFB and certain other non-Financial Advisory subsidiaries of the Company in the European Union (referred to herein, on a combined basis, as the “combined European regulated group”) is subject to consolidated supervision based on an agreement with the ACPR and under such rules is required to comply with minimum requirements for regulatory net capital.

Additionally, the combined European regulated group, together with our Financial Advisory entities in the European Union, is required to perform an annual risk assessment and provide certain other information on a periodic basis.

In addition, the Central Bank of Ireland, the Japanese Ministry of Finance and Financial Services Agency, the Korean Financial Supervisory Commission, the Securities and Futures Commission of Hong Kong, the Monetary Authority of Singapore, the Australian Securities & Investments Commission, the Dubai Financial Services Authority, the Italian Companies and Stock Exchange Commission and the German Federal Financial Supervisory Authority, among others, regulate relevant operating subsidiaries of the Company and also have capital standards and other requirements broadly comparable to the rules of the SEC.

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Executive Officers of the Registrant

Set forth below are the name, age, present title, principal occupation and certain biographical information for each of our executive officers as of January 24, 2025, all of whom have been appointed by, and serve at the discretion of, our board of directors.

Set forth below are the name, age, present title, principal occupation and certain biographical information for each of our executive officers as of February 1, 2026, all of whom have been appointed by, and serve at the discretion of, our board of directors.

Peter Orszag, 57

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He previously served as Chief Executive Officer of Financial Advisory from June 2019 until September 2023.

Prior to that he was Lazard’s Head of North American Mergers & Acquisitions since July 2018 and Global Co-Head of Healthcare since November 2016.

Orszag joined Lazard in May 2016 as a Vice Chairman of Investment Banking from Citigroup, where he was Vice Chairman of Corporate and Investment Banking and Chairman of the Financial Strategy and Solutions Group from January 2011 to February 2016.

He has had a distinguished career spanning finance, public policy, and academia.

Orszag served as the Director of the Office of Management and Budget in the Obama Administration from January 2009 to July 2010, and was the Director of the Congressional Budget Office from January 2007 to December 2008.

Orszag is a member of the Board of Directors of the Peterson Institute for International Economics and the Mt.

Sinai Medical Center, and is a member of the National Academy of Medicine.

Mary Ann Betsch, 46

Betsch became Chief Financial Officer of Lazard, Inc.

and Lazard Group in October 2022.

Prior to joining Lazard, Ms.

Betsch worked at Citadel, where she helped lead the finance and accounting function since 2018.

Betsch was previously a partner at PwC, where she spent 17 years in a variety of audit and advisory roles serving global investment banks and other financial institutions.

She also completed a two-year fellowship program supported by the Federal Reserve Board’s Chief Accountant.

She holds a CPA license in the State of New York and is a CFA charterholder.

Russo became Chief Executive Officer of Lazard’s Asset Management business in June 2022.

He previously served as Chief Financial Officer of Lazard, Inc.

and Lazard Group from October 2017 until October 2022.

Russo has served as Managing Director of Lazard since 2009, and prior to becoming Chief Financial Officer was Co-Head of Lazard’s Capital Markets and Capital Structure Advisory practice.

Russo joined Lazard as a Director in 2007.

He also served in the Clinton Administration at the Council of Economic Advisers and as Special Assistant to the President for Economic Policy.

Orszag is a member of the National Academy of Medicine and the Council on Foreign Relations, and he serves on the board of the Peterson Institute for International Economics and as a trustee of Mount Sinai Hospital.

Tracy Farr, 42

Farr became Chief Financial Officer of Lazard, Inc.

effective February 1, 2026.

Farr joined Lazard in 2013, and prior to his role as Chief Financial Officer, he served as Managing Director in the firm’s Capital Structure Advisory group, with work spanning industries and geographies, from large public-company transactions to founder-led private clients.

He also led the firm’s separations practice and served as a member of its valuation and fairness opinion committees.

Farr’s background includes roles in consulting, forensic accounting, and internal audit.

Before joining Lazard, he was a Certified Public Accountant and consultant at EY, and a researcher at the Financial Accounting Standards Board.

He serves on Brigham Young University’s Marriott School of Business National Advisory Council.

Christopher Hogbin, 51

Hogbin became Chief Executive Officer of Lazard’s Asset Management business in December 2025.

Prior to joining Lazard, Mr.

Russo worked for Goldman, Sachs & Co.

in the Investment Banking Division, and prior to that, for Barclays Capital.

Russo began his career as an attorney at Milbank, Tweed, Hadley & McCloy.

Hogbin spent over 20 years at AllianceBernstein, where he most recently served as the Global Head of Investments, overseeing all public and private market investment activities.

Earlier at AllianceBernstein, he was Head of Equities, guiding the growth and diversification of the firm’s largest asset class.

He also led the institutional sell-side research business in Europe and Asia, and as a senior analyst, was ranked #1 in his sector and named to Institutional Investor’s All-Europe Research Team.

Prior to joining AllianceBernstein in 2005, Mr.

Hogbin worked as a strategy consultant for the Boston Consulting Group's financial services and consumer practices in London, San Francisco, and Shanghai.

He is a dual citizen of the United States and the United Kingdom.

He serves as a Trustee for The Public Theater and as President of The Caius Foundation.

Alexandra Soto, 57

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Weideman also served in senior roles at the United States Department of the Treasury including as Deputy General Counsel and then Chief of Staff.

Prior to the Department of Treasury, Mr.

Prior to the Department of

Treasury, Mr.

Weideman served as Associate Counsel to the President at the White House and as a litigator at Williams & Connolly.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business