Global financial advisory and asset management firm Lazard is exploring opportunities to acquire a private credit firm to enhance its $250bn asset management division, according to a report by Bloomberg.
In a Bloomberg Television interview on Thursday, CEO Peter Orszag indicated that the company is “in the mix, evaluating lots of options” within private markets. Lazard is particularly interested in acquiring firms specialising in private credit, infrastructure, real estate and areas where it currently has limited presence.
Orszag emphasised: “We’re going to be very cautious as we go through this, both on the pricing — to make sure it’s in shareholders’ interest to do some of these acquisitions — but also on culture.
“Because you can get something at the right price and, if there’s not a good cultural fit, it still doesn’t work.”
Orszag, who took over the 175-year-old investment bank late last year, aims to double revenue by 2030, targeting equal growth in both the advisory and asset-management units.
Similarly, JPMorgan Chase & Co has also been on the lookout for a private credit firm to strengthen its asset management business. Earlier this year, JPMorgan held talks to acquire Chicago-based Monroe Capital, though the negotiations did not lead to a deal.
Last year, the Abu Dhabi wealth fund ADQ initiated preliminary talks to acquire Lazard, though discussions quickly fell apart over concerns about maintaining Lazard’s independence.
