What changed in this filing

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Item 1. Business

2025-02-24 compared with 2024-02-23 · 95 added, 85 removed, 296 unchanged (38% of the section changed)

Lazard, one of the world’s preeminent financial advisory and asset management firms, operates in North and South America, Europe, the Middle East, Asia and Australia.

With origins dating to 1848, we have long specialized in crafting solutions to the complex financial and strategic challenges of a diverse set of clients around the world, including corporations, governments, institutions, partnerships and individuals.

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.

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.

Principal Business Lines

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Financial Advisory

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

We focus on solving our clients’ most complex issues, providing advice to key decision-makers, senior management, boards of directors and business owners, as well as governments and governmental agencies, in transactions that typically are of significant strategic and financial importance to them.

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

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.

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.

We seek to build and sustain long-term relationships with our clients rather than focusing simply on individual transactions, a practice that we believe enhances our access to senior management of major corporations and institutions around the world.

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To develop new client relationships, and to develop new engagements from historical client relationships, we maintain an active dialogue with a large number of clients and potential clients, as well as with their financial and legal advisors, on an ongoing basis.

We have gained a significant number of new clients each year through our business development initiatives, through recruiting additional senior investment banking professionals who bring with them client relationships and through referrals from directors, attorneys and other third parties with whom we have relationships.

We have gained a significant number of new clients through our business development initiatives.

In addition, developing internal talent and the lateral recruiting of senior investment banking professionals are also core components of our growth strategy.

At the same time, we lose clients each year as a result of the sale, merger or restructuring of a client, a change in a client’s senior management, competition from other investment banks and other causes .

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For a full list of our current locations, visit www.lazard.com.

References to our website in this Annual Report on Form 10-K (this “Form 10-K”) are provided as a convenience and the information contained on, or available through, our website is not part of this or any other report we file with or furnish to the United States Securities and Exchange Commission (“the “SEC”).

In addition to seeking business centered in the regions described above, we historically have focused in particular on advising clients with respect to cross-border transactions.

We believe that we are particularly well known for our legacy of offering broad teams of professionals who are indigenous to their respective regions, who have long-term client relationships, capabilities and know-how in their respective regions and who will coordinate with our professionals who have global sector expertise.

We also believe that this positioning affords us insight around the globe into key industry, economic, governmental and regulatory issues and developments, which we can bring to bear on behalf of our clients.

We believe that we are particularly well known for our global reach and network alongside deep local knowledge.

We also believe that this positioning affords us unique global insight into key industry, economic, governmental and regulatory issues and developments, which we can bring to bear on behalf of our clients.

Services Offered

We advise clients on a wide range of strategic and financial issues.

When we advise clients on the potential acquisition of another company, business or certain assets, our services include evaluating potential acquisition targets, providing valuation analyses, evaluating and proposing financial and structural alternatives and rendering, if appropriate, fairness opinions.

We also may advise as to the timing, financing and pricing of a proposed acquisition and assist in negotiating and closing the acquisition.

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In such cases, we may assist in certain aspects of the implementation of such a plan, including advising and assisting in structuring and effecting the financial aspects of a sale or recapitalization, structuring new securities, other consideration or other inducements to be offered or issued, as well as assisting and participating in negotiations with affected entities or groups.

In addition, we provide a holistic view on liability management, and we specialize in advising clients, both companies and creditors, on out-of-court restructurings, recapitalizations, and tender and exchange offers, among other solutions.

When we assist clients in connection with shareholder advisory and corporate preparedness matters, our services may include reviewing and analyzing the business, operations, properties, financial condition and prospects of the company, providing insights on the company’s shareholders and advising on defense measures and strategic alternatives potentially available to the company.

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Our managing directors have significant experience, and many of them are able to use this experience to advise on M&A, financings, restructurings, capital structure, shareholder advisory and other transactions or financial matters, depending on our clients’ needs.

Many of our managing directors and senior employees come from diverse backgrounds, such as senior leadership positions in corporations, government, law and strategic consulting, which we believe enhances our ability to offer sophisticated advice and customized solutions to our clients.

Many of our managing directors and senior employees come from senior leadership positions in corporations, government, law and strategic consulting, which we believe enhances our ability to offer sophisticated advice and customized solutions to our clients.

As of December 31, 2024, our Financial Advisory segment had 194 managing directors and 1,363 other professionals and support staff.

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Managing directors and professionals in our M&A practice are organized to provide advice in the following major industry practice areas:

• consumer and retail;

• financial institutions;

• financial sponsors;

• health care and life sciences;

• industrials;

• power and energy/infrastructure;

• media, entertainment and sports;

• power, energy and infrastructure;

• real estate;

• technology;

• telecommunications, media and entertainment.

• telecom and digital infrastructure.

These groups are managed locally in each relevant geographic region and are coordinated globally, which allows us to bring local industry-specific knowledge to bear on behalf of our clients on a global basis.

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• government and sovereign advisory;

• capital structure debt and equity advisory;

• public and private debt and structured equity transactions, such as refinancing, acquisition financing, capital structure optimization, covenant relief and liability management, dividend recapitalization, rescue financing, liquidity enhancement, growth capital, infrastructure financing, project financing and debtor-in-possession financings;

• shareholder and corporate preparedness advisory;

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Our focus in our Financial Advisory business is on:

• investing in our intellectual capital through senior professionals who we believe have strong client relationships and industry expertise;

• increasing our contacts with existing clients to further enhance our long-term relationships and our efforts in developing new client relationships;

• developing new client relationships;

• investing in our intellectual capital through hiring and development of senior professionals who we believe have strong client relationships and industry expertise;

• increasing our client engagement activities to further enhance our long-term relationships, and increasing our marketing efforts to develop new client relationships;

• 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;

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• broadening our geographic presence by adding new offices where opportunities arise;

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

• investing in our technology infrastructure, AI and data science capabilities to enhance our business;

• deploying our intellectual capital, strong client relationships and other assets to generate new revenue streams.

In addition to the investments made as part of this strategy, we believe that our Financial Advisory business may benefit from external market factors, including:

• demand for independent, sophisticated financial advice;

• recapitalization and related activities in developed and emerging markets;

• high corporate cash balances;

• attractive equity valuations, stable credit conditions and generally positive market sentiment;

• favorable levels of cross-border M&A and large capitalization M&A, two of our areas of historical specialization;

• strategic market and industry catalysts, including energy transition, technology disruption, life sciences evolution and infrastructure investment;

• favorable tax, regulatory and similar reform.

Going forward, our strategic emphasis in our Financial Advisory business is to leverage the investments we have made to grow our business and drive our productivity.

We continue to seek to opportunistically attract outstanding individuals to our business, and expect the number of Financial Advisory managing directors to increase in the future as part of our initiative to grow revenues.

Net hiring may also increase compensation expenses.

We routinely reassess our strategic position and may in the future seek opportunities to further enhance our competitive position.

In addition to the investments made as part of this strategy, we believe that our Financial Advisory business may benefit from current external market factors, including:

• the demand for independent, sophisticated, customized financial advice;

• the large amount of undeployed committed capital in the global financial system, particularly with financial sponsors;

• 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;

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

• strategic market and industry catalysts;

including technology and generative AI, the biotech revolution, ongoing expansion in energy demand and efforts to derisk supply chains.

Going forward our strategic emphasis in our Financial Advisory business is to focus on investing in high caliber senior hires, alongside the continued development and retention of our talent to grow our business and drive our productivity.

We expect to make hires that will strengthen our presence across sectors and geographies expanding our coverage efforts and gaining access to new markets.

We expect the number of our managing directors to increase in the future as we grow revenues.

We routinely reassess our strategic position and make adjustments accordingly to further enhance our competitive position.

Asset Management

Our Asset Management business offers a broad range of global investment solutions and investment and wealth management services in equity and fixed income strategies, asset allocation strategies, alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries and private clients.

Our goal in our Asset Management business is to produce superior risk-adjusted investment returns and provide customized investment solutions for our clients through the active management of their assets.

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Our top ten clients accounted for 32% of our total assets under management (“AUM”) as of December 31, 2024, with no client individually contributing more than 10% of our Asset Management segment net revenue.

Approximately 85% of our AUM as of December 31, 2023 was managed on behalf of institutional and intermediary clients, including corporations, labor unions, public pension funds, insurance companies and banks, and through sub-advisory relationships,

mutual fund sponsors, broker-dealers and registered advisors, and approximately 15% 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, 2023, measured by broad product strategy 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, Melbourne, Milan, Montreal, Nantes, Paris, Riyadh, San Francisco, Seoul, Singapore, Sydney, Tokyo, Toronto, Vienna and Zurich.

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.

The charts below illustrate the mix of our AUM as of December 31, 2024, 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 1,117 other professionals and support staff as of December 31, 2024, provide our Asset Management business with both a global presence and a local identity.

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• environmental, social and governance (“ESG”) factors;

• client-specific guidelines.

In our Asset Management business, we conduct investment research on a global basis to develop market, industry and company-specific insights and evaluate investment opportunities.

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Managed Volatility

Sustainable Agriculture

Global Ex-Australia

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Gender Diversity

Circular Economy

Quantitative Climate

Large Capitalization

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Quantitative Small Capitalization

Quantitative Large Capitalization

(Large Capitalization)

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Small Capitalization

Emerging Markets

Large Capitalization

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Middle East North Africa

Fixed Income and Cash Management Global

Core/Core Plus

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Cash Management

Absolute Return

Cash Management

Duration Overlay

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Cash Management

Emerging Markets

Emerging Debt-

Core/Local/Blend/Corporate

Cash Management

Alternative Global

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Sustainable Private Infrastructure

Private Equity Fund of Funds

Real Assets Fund of Funds

Illiquid Credit Fund of Funds

Long/Short Equity

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Japan Long/Short Equity

Emerging Markets

Emerging Debt Total Return

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We distribute our products through a broad array of marketing channels on a global basis.

Marketing, sales and client service efforts are organized through a global market delivery and service network, with distribution professionals located in cities including New York, Amsterdam, Bordeaux, Boston, Brussels, Chicago, Dubai, Frankfurt, Geneva, Hamburg, Hong Kong, London, Luxembourg, Lyon, Madrid, Melbourne, Milan, Montreal, Nantes, Paris, Riyadh, San Francisco, Seoul, Singapore, Sydney, Tokyo, Toronto, Vienna and Zurich.

Marketing, sales and client service efforts are organized through a global market delivery and service network, with distribution professionals located in cities including New York, Amsterdam, Bordeaux, Boston, Brussels, Chicago, Dubai, Frankfurt, Geneva, Hamburg, Hong Kong, London, Luxembourg, Lyon, Madrid, Milan, Montreal, Nantes, Paris, Riyadh, San Francisco, Seoul, Singapore, Sydney, Tokyo, Toronto, Vienna and Zurich.

We have developed a well-established presence in the institutional asset management arena, managing assets for corporations, labor unions, sovereign wealth funds and public pension funds around the world.

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We are a leading firm in managing mutual funds, sub-advisory funds and separately managed accounts for many of the world’s largest broker-dealers, insurance companies, registered advisors and other financial intermediaries.

Our strategic plan in our Asset Management business is to focus on delivering superior investment performance and client service and broadening our product offerings and distribution in selected areas in order to continue to drive improved business results.

Over the past several years, in an effort to improve our Asset Management business’ operations and expand our Asset Management business, we have:

Our strategic plan in our Asset Management business is to focus on delivering superior investment performance and client service.

Investments and organizational changes made in the business, work done to scale and position our specialty products, and new vectors of growth such as wealth management and active exchange-traded fund (“ETFs”) offerings position us to drive improved business results.

Over the past several years, in an effort to strengthen and expand our Asset Management business, we have:

• focused on enhancing our investment performance;

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• continued to strengthen our marketing and consultant relations capabilities, including by optimizing our distribution globally;

• expanded our product platform, including through the addition of long/short equity strategies, sustainable strategies, quantitative equity strategies and thematically oriented strategies;

• 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;

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Their talent, integrity and engagement have shaped our success in the past, and they are instrumental to our ability to achieve sustainable growth and deliver value for our shareholders in the future.

We strive to create a culture that fosters excellence, collaboration, innovation, empowerment, inclusion and engagement.

Our human capital efforts are overseen by our Board of Directors, with a focus on enhancing our workplace environment which in turn, attracts a diversity of perspectives and exceptional talent.

In February 2018, our Board of Directors formally established its Workplace and Culture Committee to assist and advise management on cultivating and

reinforcing a workplace culture that helps attract, motivate and retain talented people;

fosters productivity, professional and personal development;

values diversity, equity and inclusion;

We strive to cultivate a commercial and collegial culture that encourages innovative thinking, as our expertise and reputation for excellence starts with our talented employees around the world.

Our human capital efforts are overseen by our Board of Directors, with a focus on enhancing our workplace environment which, in turn, attracts a variety of perspectives and exceptional talent.

Our Board of Directors formally established its Workplace and Culture Committee to assist and advise management on cultivating and reinforcing a workplace culture that helps attract, motivate and retain talented people;

fosters productivity, professional and personal

values inclusion;

and encourages its people to engage with each other and their communities.

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We offer competitive compensation packages to recruit and retain exceptional talent.

We offer a variety of employee benefits, including comprehensive health insurance coverage, flexible retirement and healthcare savings account plans as well as family planning and support services.

We also invest in wellness programs that are broadly inclusive and support varied lifestyles.

We further believe that the equity-based portion of our compensation program fosters a greater sense of ownership among our senior employees and aligns their interests with those of our shareholders.

We offer a variety of employee benefits, including comprehensive health insurance coverage, flexible retirement and healthcare savings account plans, as well as family planning and support services, and a broad array of wellness programs.

In addition, we believe that the equity-based portion of our compensation program fosters a greater sense of ownership among our senior employees and aligns their interests with those of our shareholders.

Talent Development.

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Furthermore, through investments in technology, we have enhanced knowledge management and collaboration tools across our businesses.

Inclusion, Diversity, Equity and Allyship (“IDEA”).

We strive to cultivate a workforce comprised of people with different backgrounds and experiences, which we believe creates an environment of cognitive diversity that promotes new ideas and innovation.

Our IDEA strategy fosters diversity through hiring, development, promotion and retention while contributing to an equitable and inclusive culture by calling on everyone at the firm to take personal responsibility in ensuring the strategy’s success.

Additionally, we support the creation of a variety of employee resource groups, which build community across the firm, contribute to our inclusive culture, and provide opportunities for individuals to give back to their communities through volunteering and educational outreach.

We strive to cultivate a workforce comprised of people with different backgrounds and experiences, which we believe creates an environment that promotes new ideas and innovation and best serves the complex needs of our clients.

Our approach towards fostering an inclusive workplace includes hosting ongoing learning and development programs and developing partnerships;

supporting a variety of employee resource groups that build community across the firm;

and encouraging personal responsibility and engagement with each other to broaden perspectives.

Personal Well-Being.

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We have also made investments in technology that enable remote and hybrid working options.

The Company promotes community engagement through our Work for Good initiative, which supports employee initiatives to volunteer with a variety of local charities.

The Company encourages individuals to give back to their communities through volunteering and educational outreach.

We promote community engagement through our Work for Good initiative, which supports employee initiatives to volunteer with a variety of local charities.

Volunteering through our Work for Good program allows employees to make a positive impact in their communities and share experiences with their colleagues outside of the workplace.

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We believe that we have good relations with our employees.

The financial services industry, and all of the businesses in which we compete, are intensely competitive, and we expect them to remain so.

The financial services industry, and all of the businesses in which we operate, are intensely competitive, and we expect them to remain so.

Our competitors are other investment banking and financial advisory firms, broker-dealers, commercial and “universal” banks, insurance companies, traditional asset management firms, hedge fund management firms, alternative investment firms, private banks and other financial institutions.

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We compete on the basis of a number of factors, including industry and product expertise, innovative insights of our people, transaction execution skills, investment track record, quality of client service, individual and institutional client relationships, absence of conflicts, range and price of products and services, innovation, brand recognition and business reputation.

While we believe our independent advisory perspective and global footprint offer a uniquely competitive position, many of our competitors are large, consolidated financial institutions that have the ability to offer a wider range of

products, including loans, insurance, foreign exchange, hedging, research, brokerage and underwriting services, which may enhance their competitive position.

In Financial Advisory, while we believe our independent perspective and global footprint offer a uniquely competitive position, many of our competitors are large, consolidated financial institutions that have the ability to offer a wider range of products, including loans, insurance, foreign exchange, hedging, research, brokerage and underwriting services, which may enhance their competitive position.

They also may have the ability to support clients with other financial services in an effort to gain market share, which could result in pricing pressure in our business or loss of opportunities for us.

At the same time, demand for independent financial advice has created opportunities for a number of boutique financial advisory firms.

At the same time, demand for independent financial advice has created opportunities for a number of

boutique financial advisory firms.

These boutique firms frequently compete, among other factors, on the basis of their independent financial advice, and their activities also could result in pricing and other competitive pressure in our businesses.

In some circumstances, our competitors may offer financial products or services that we do not offer, such as low-cost passive or private investment vehicles.

In Asset Management, our competitors may offer financial products or services that we do not offer, such as low-cost passive or private investment vehicles.

We compete based on the quality and breadth of our products and innovative solutions we offer, which are derived from our objectivity, differentiated insights and fundamental research orientation.

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Many of our affiliates that participate in securities markets are subject to comprehensive regulations that include some form of minimum capital retention requirements and customer protection rules.

In the U.S., certain of our subsidiaries are subject to such regulations promulgated by the United States Securities and Exchange Commission (the “SEC”) and/or the Financial Industry Regulatory Authority (“FINRA”).

In the U.S., certain of our subsidiaries are subject to such regulations promulgated by the SEC and/or the Financial Industry Regulatory Authority (“FINRA”).

Standards, requirements and rules implemented throughout the European Union are broadly comparable in scope and purpose to the regulatory capital and customer protection requirements imposed under the SEC and FINRA rules.

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broker-dealer subsidiary, Lazard Frères & Co.

LLC (“LFNY”), through which we conduct most of our U.S.

LLC (“LFNY”), through which we conduct all of our U.S.

Financial Advisory business, is currently registered as a broker-dealer with the SEC and FINRA, and as a broker-dealer in all 50 U.S.

states, the District of Columbia and Puerto Rico.

As such, LFNY is subject to regulations governing most aspects of the securities business, including regulations regarding minimum capital retention requirements, record-keeping and reporting procedures, relationships with customers, experience and training requirements for certain employees and business procedures with firms that are not members of certain regulatory bodies.

Lazard Asset Management Securities LLC (“LAM Securities”), a subsidiary of Lazard Asset Management LLC (“LAM LLC”), is registered as a broker-dealer with the SEC and FINRA and in all 50 U.S.

As such, LFNY is subject to regulations governing most aspects of the securities business, including regulations regarding minimum capital retention requirements, record-keeping and reporting procedures, relationships with clients, experience and training requirements for certain employees and business procedures with firms that are not members of certain regulatory bodies.

Lazard Asset Management Securities LLC (“LAM Securities”), a subsidiary of Lazard Asset Management LLC (“LAM LLC”), is registered as a limited-purpose broker-dealer with the SEC and FINRA and in all 50 U.S.

states, the District of Columbia and Puerto Rico.

broker-dealer subsidiaries, including LFNY, are subject to the SEC’s uniform net capital rule, Rule 15c3-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the net capital rules of FINRA, which may limit our ability to make withdrawals of capital from our broker-dealer subsidiaries.

The uniform net capital rule sets the minimum level of net capital a broker-dealer must maintain and also requires that a portion of its assets be relatively liquid.

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Failure to comply with these requirements may result in monetary, regulatory and, in certain cases, criminal penalties.

subsidiaries of Lazard Group, including Lazard & Co., Limited (“LCL”), Lazard Fund Managers Limited and Lazard Asset Management Limited, which we refer to in this Annual Report on Form 10-K (this “Form 10-K”) as the “U.K.

subsidiaries,” are authorized and regulated by the Financial Conduct Authority (the “FCA”), and are subject to various rules and regulations made by the FCA under the authorities conferred upon it by the Financial Services and Markets Act 2000, as amended by the Financial Services Act 2012.

subsidiaries of Lazard Group, including Lazard & Co., Limited (“LCL”), Lazard Fund Managers Limited and Lazard Asset Management Limited, which we refer to in this Form 10-K as the “U.K.

subsidiaries,” are authorized and regulated by the Financial Conduct Authority (the “FCA”), and are subject to various rules and regulations

made by the FCA under the authorities conferred upon it by the Financial Services and Markets Act 2000, as amended by the Financial Services Act 2012.

Certain of our Asset Management subsidiaries are registered as investment advisors with the SEC.

As a registered investment advisor, each is subject to the requirements of the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”), and the SEC’s regulations thereunder.

Such requirements relate to, among other things, the relationship between an advisor and its advisory clients, as well as general anti-fraud prohibitions.

Such requirements relate to, among other things, the relationship between an advisor and its advisory clients, general anti-fraud prohibitions, and conflicts of interest.

LAM LLC serves as an investment advisor to several U.S.

mutual funds which are registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”).

The Investment Company Act regulates, among other things, the relationship between a mutual fund and its investment advisor (and other service providers) and prohibits or severely restricts principal transactions between an advisor and its advisory clients, imposes record-keeping and reporting requirements, disclosure requirements, limitations on trades where a single broker acts as the agent for both the buyer and seller, and limitations on affiliated transactions and joint transactions.

The Investment Company Act regulates, among other things, the relationship between a mutual fund and its investment advisor (and other service providers) and prohibits or severely restricts principal transactions between an advisor and its advisory clients, imposes record-keeping and reporting requirements, disclosure requirements, limitations on trades, and limitations on affiliated transactions and joint transactions.

LAM Securities serves as an underwriter or distributor for mutual funds and private funds managed by LAM LLC and its subsidiaries (collectively, “LAM”), and as an introducing broker to Pershing LLC for unmanaged accounts of certain of LAM LLC’s private clients.

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We are also subject to various anti-bribery, anti-money laundering and counter-terrorist financing laws, rules and regulations in the jurisdictions in which we operate.

Foreign Corrupt Practices Act, for example, generally prohibits offering, promising or giving, or authorizing others to give, anything of value, either directly or indirectly, to a

Foreign Corrupt Practices Act, for example, generally prohibits offering, promising or giving, or authorizing others to give, anything of value, either directly or indirectly, to a non-U.S.

government official in order to influence official action or otherwise gain an unfair business advantage, such as to obtain or retain business.

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In addition, we are required to comply with economic sanctions and embargo programs administered by the U.S.

Treasury’s Office of Foreign Assets Control and by similar governmental agencies and other authorities worldwide.

Treasury’s Office of Foreign

Assets Control and by similar governmental agencies and other authorities worldwide.

Violations of any of these laws, rules, regulations and programs can give rise to administrative, civil or criminal penalties.

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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 February 13, 2024, all of whom have been appointed by, and serve at the discretion of, our board of directors.

Jacobs became Executive Chairman at Lazard, Inc.

and Lazard Group in October 2023 after previously serving as Chairman of the Board of Directors and Chief Executive Officer of Lazard, Inc.

and Lazard Group from November 2009 through September 2023.

Jacobs has served as a Managing Director of Lazard, Inc.

since 1991 and had been a Deputy Chairman of Lazard from January 2002 until November 2009.

Jacobs also served as Chief Executive Officer of Lazard North America from January 2002 until November 2009.

Jacobs initially joined Lazard in 1988.

Jacobs is a member of the Boards of Trustees of the University of Chicago and the Brookings Institution.

He is also a Director of the Partnership for New York City, and a member of the Council on Foreign Relations.

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.

Peter Orszag, 56

Orszag became Chief Executive Officer of Lazard, Inc.

Orszag became Chairman of the Board of Directors of Lazard, Inc.

and Lazard Group effective January 2025 and Chief Executive Officer and a Director of Lazard, Inc.

and Lazard Group in October 2023.

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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, the Mt.

Sinai Medical Center and New Visions for Public Schools in New York, and is a member of the National Academy of Medicine.

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

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and Lazard Group in October 2023.

Prior to joining

Prior to joining Lazard, Mr.

Weideman was global General Counsel and a partner at Apollo Global Management, where he led and managed Apollo's legal, tax, and compliance team.

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Copies of our Corporate Governance Guidelines and Code of Business Conduct and Ethics governing our directors, officers and employees are also posted on the investor relations section of our website in the corporate governance subsection.

References to our website in this Form 10-K are provided as a convenience and the information contained on, or available through, our website is not part of this or any other report we file with or furnish to the SEC.

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