FirstFT: Abu Dhabi’s sovereign wealth fund held detailed talks to buy Lazard

By Editor On Jun 20, 2023

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Abu Dhabi’s sovereign wealth fund ADQ held detailed talks to take Wall Street investment bank Lazard private, in a move that underlined the oil-rich emirate’s ambitions to acquire a western financial services company.

The talks were held this year between Lazard, led by outgoing chief executive Ken Jacobs, and ADQ, led by Sheikh Tahnoon bin Zayed al-Nahyan, the fund’s chair and Abu Dhabi’s powerful national security adviser, said people with direct knowledge of the matter.

Negotiations fell apart after both sides walked away from a deal. Lazard, which is best known for its advisory business in Paris, New York and London, had been focused on maintaining operating independence, one person added.

Lazard said: “As you’d expect, we talk to people all the time but we don’t comment on speculation.” ADQ declined to comment.

Since the talks ended, Lazard has embarked on a succession process with Jacobs, who has led the firm since 2009, set to become its executive chair. Peter Orszag, an economist and former official in Barack Obama’s administration, will take over as chief executive in October.

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