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Lazard Ltd’s (LAZ - Free Report) asset management arm, Lazard Asset Management (“LAM”), announced that it acquired Truvvo Partners. Truvvo, with $3.8 billion of assets under management (AUM), provides strategic advice, wealth planning, and investment management to families.
Truvvo and LAM have formed Lazard Family Office Partners, which will manage $8 billion in assets, including LAM’s existing U.S. private client business.
Lazard Family Office Partners will integrate investment management, risk management, and family office services into one offering to help meet the evolving needs of clients. It will provide clients access to a broad suite of combined investment capabilities and services that draw upon an established network of investors and industry experts.
LAZ’s global investment franchise complements Truvvo’s open-architecture platform and expertise in private markets, positioning the firm to better partner with families to diversify, protect and grow their wealth.
Evan Russo, the chief executive officer of LAM, said, “Demand for sophisticated and innovative wealth management solutions is increasing as family offices navigate the ever-changing markets and economic environment. Both Truvvo and Lazard are committed to providing world-class investments and service to our clients. We believe this acquisition will position us to fully serve families, helping them to reach their financial and business goals and to build a lasting legacy.”
Casey Whalen, the chief executive officer and chief investment officer of Truvvo, stated, “We share Lazard's commitment to serving as a trusted advisor and fiduciary to our clients. We partner with our clients to help them solve and simplify the complexities of wealth, while delivering sophisticated investment solutions and advice. We believe leveraging Lazard’s expertise, infrastructure and resources will strengthen our platform and enable a holistic approach, allowing us to better serve our clients.”
Our Take
Over the past few years, Lazard has significantly increased its AUM balance. The company’s stable asset management business offers long-term revenue visibility and constantly drives its earnings. Hence, focusing on scaling this platform and enhancing the company’s competitive position on the back of investment in technology, distribution efforts, and the development of new and existing funds is a strategic fit.
Over the past six months, shares of LAZ have gained 6.9% compared with the industry’s growth of 10.9%.
Amid a challenging operating backdrop due to the expectations of an economic slowdown, finance companies are undertaking expansion moves through acquisitions. Recently, Bank of Montreal (BMO - Free Report) announced the closure of its acquisition of Bank of the West from BNP Paribas (BNPQY - Free Report) .
With the deal, BMO expands its presence across more than 500 additional branches and commercial and wealth offices in the major U.S. growth markets. For BNPQY, the sale is part of its efforts to streamline operations and enhance operating efficiency.
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Lazard's (LAZ) Asset Management Division Acquires Truvvo
Lazard Ltd’s (LAZ - Free Report) asset management arm, Lazard Asset Management (“LAM”), announced that it acquired Truvvo Partners. Truvvo, with $3.8 billion of assets under management (AUM), provides strategic advice, wealth planning, and investment management to families.
Truvvo and LAM have formed Lazard Family Office Partners, which will manage $8 billion in assets, including LAM’s existing U.S. private client business.
Lazard Family Office Partners will integrate investment management, risk management, and family office services into one offering to help meet the evolving needs of clients. It will provide clients access to a broad suite of combined investment capabilities and services that draw upon an established network of investors and industry experts.
LAZ’s global investment franchise complements Truvvo’s open-architecture platform and expertise in private markets, positioning the firm to better partner with families to diversify, protect and grow their wealth.
Evan Russo, the chief executive officer of LAM, said, “Demand for sophisticated and innovative wealth management solutions is increasing as family offices navigate the ever-changing markets and economic environment. Both Truvvo and Lazard are committed to providing world-class investments and service to our clients. We believe this acquisition will position us to fully serve families, helping them to reach their financial and business goals and to build a lasting legacy.”
Casey Whalen, the chief executive officer and chief investment officer of Truvvo, stated, “We share Lazard's commitment to serving as a trusted advisor and fiduciary to our clients. We partner with our clients to help them solve and simplify the complexities of wealth, while delivering sophisticated investment solutions and advice. We believe leveraging Lazard’s expertise, infrastructure and resources will strengthen our platform and enable a holistic approach, allowing us to better serve our clients.”
Our Take
Over the past few years, Lazard has significantly increased its AUM balance. The company’s stable asset management business offers long-term revenue visibility and constantly drives its earnings. Hence, focusing on scaling this platform and enhancing the company’s competitive position on the back of investment in technology, distribution efforts, and the development of new and existing funds is a strategic fit.
Over the past six months, shares of LAZ have gained 6.9% compared with the industry’s growth of 10.9%.
Image Source: Zacks Investment Research
Currently, Lazard carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Inorganic Expansion Efforts by Other Firms
Amid a challenging operating backdrop due to the expectations of an economic slowdown, finance companies are undertaking expansion moves through acquisitions. Recently, Bank of Montreal (BMO - Free Report) announced the closure of its acquisition of Bank of the West from BNP Paribas (BNPQY - Free Report) .
With the deal, BMO expands its presence across more than 500 additional branches and commercial and wealth offices in the major U.S. growth markets. For BNPQY, the sale is part of its efforts to streamline operations and enhance operating efficiency.