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Lazard, Inc. outlines its business as a global financial advisory and asset management firm following its 2024 conversion from a Bermuda company to a Delaware C‑corporation. The company operates two main segments, Financial Advisory and Asset Management, supported by a global network of offices.
Financial Advisory covers M&A, restructuring, capital solutions, sovereign and geopolitical advisory, and shareholder advisory. For the year ended December 31, 2025, Financial Advisory generated about 59% of consolidated net revenue, with fees concentrated but diversified across clients and industries.
Asset Management provides equity, fixed income, alternatives and wealth solutions to institutional and private clients worldwide, with 82% of assets managed for institutional and intermediary clients and the top ten clients accounting for 24% of AUM as of December 31, 2025. Lazard highlights investments in technology, AI and data science, and emphasizes human capital, culture and global recruiting as strategic priorities.
The filing details extensive risk factors, including market volatility, geopolitics, currency swings, competition, regulatory scrutiny, cybersecurity, and talent retention, noting that difficult conditions can rapidly reduce advisory volumes and AUM-based fees.
Lazard, Inc. director Stephen R. Howe Jr. acquired 83 Deferred Stock Units as a grant under the company’s 2018 Incentive Compensation Plan. He elected to receive these DSUs in lieu of all or part of his non-executive director cash compensation. After this award, he directly holds 10,398 Deferred Stock Units. The DSUs will convert into Lazard common stock on a one-for-one basis after he resigns from, or otherwise ceases to be a member of, the Board of Directors.
Lazard, Inc. director Andrew M. Alper received 721 Deferred Stock Units (DSUs) as a grant under the company’s 2018 Incentive Compensation Plan. These units were elected in lieu of cash compensation and carry a zero dollar acquisition price. Following this award, Alper directly holds 98,849 DSUs, which will convert into an equal number of common shares after he leaves Lazard’s Board of Directors.
Lazard, Inc. reports initial equity holdings for its Chief Financial Officer, Tracy Farr, in a Form 3 insider filing. Farr beneficially owns 30,202 Restricted Stock Units (RSUs), each representing a contingent right to receive one share of Lazard common stock.
Of these RSUs, 5,845 are scheduled to vest on or around March 2, 2026, 15,908 on or around March 1, 2027, and 8,449 on or around March 1, 2028. All RSUs are held directly in Farr’s name and carry no exercise price.
Lazard, Inc. is changing its finance leadership. The company appointed Tracy Farr as Chief Financial Officer effective February 1, 2026, succeeding Mary Ann Betsch, who will become Senior Advisor to the CEO until June 30, 2026, when her employment ends.
Farr, age 42, has been with Lazard since 2013 and most recently served as a Managing Director in the Capital Structure Advisory group. Under his offer letter dated January 28, 2026, his salary will increase to $750,000 and he will be eligible for a discretionary annual bonus on the same basis as other executive officers.
Betsch’s transition agreement provides continued base salary, benefits participation, and normal vesting of outstanding equity awards during the advisory period. As of her separation, she will be eligible for severance and equity treatment described in prior company disclosures, including a full annual bonus for 2025 equal to her 2024 bonus. Lazard also notes that, as in prior years, certain deferred incentive awards for employees (excluding named executive officers) scheduled to vest on March 1, 2026 may have vesting accelerated to earlier dates in February 2026.
Lazard, Inc. filed a Form 8-K to furnish a press release announcing its financial results for full year 2025 and the fourth quarter ended December 31, 2025. The press release is attached as Exhibit 99.1 and is incorporated by reference.
The company states that the information under Item 2.02, including Exhibit 99.1, is being furnished and not deemed “filed” for purposes of Section 18 of the Exchange Act, limiting associated liabilities and incorporation into other securities law filings.
Lazard, Inc. reported an equity award to a senior executive. On 12/04/2025, the company granted its Officer and CEO Asset Management, reported on this Form 4, 306,337 restricted stock units (RSUs), each representing a contingent right to receive one share of Lazard common stock.
According to the filing, of these RSUs, 47,865 are scheduled to vest on or around March 16, 2026, 86,158 on or around March 18, 2027, 86,157 on or around March 20, 2028, and another 86,157 on or around March 22, 2029. Following this grant, the executive beneficially owns 306,337 RSUs directly.
Lazard, Inc. reported that its Asset Management CEO, Christopher Hogbin, filed an initial insider ownership statement as a reporting person of the company. The filing states in the remarks section that no securities are beneficially owned. This means that, as of the event date of 12/01/2025, he is reporting zero direct or indirect ownership of Lazard, Inc. securities for regulatory disclosure purposes.
Lazard, Inc. (LAZ) director Andrew M. Alper reported receiving 728 Deferred Stock Units (DSUs) on 11/17/2025 under the company’s 2018 Incentive Compensation Plan. These DSUs were elected in lieu of cash compensation under the non-executive director compensation arrangement. Following this grant, Alper beneficially owns 98,128 DSUs, held in direct form. Each DSU will convert into one share of Lazard common stock after he resigns from, or otherwise ceases to be, a member of the Board of Directors.
Lazard, Inc. (LAZ) reported that one of its directors elected to receive part of their board compensation in equity rather than cash. On 11/17/2025, the director acquired 83 Deferred Stock Units (DSUs) at a price of $0 under Lazard’s 2018 Incentive Compensation Plan, as amended, in lieu of cash compensation. Following this transaction, the director beneficially owns 10,315 derivative securities in the form of DSUs, held directly. Each DSU is designed to convert into one share of Lazard common stock after the director resigns from, or otherwise ceases to be a member of, the company’s Board of Directors.