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Operational Environment at Lazard Asset Management

Learn about challenges faced by Lazard Asset Management in the post-recession period and their strategies for improving internal processes and risk management. Explore the impact of the merger of autonomous offices and the formation of a new risk management unit.

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Operational Environment at Lazard Asset Management

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  1. CONFIDENTIAL • DECEMBER 2003 LAZARD LLC • Operational Environment at Lazard Asset Management Kevin Dooley Nii Nortei Lokko

  2. Lazard Intro • Financial services partnership that is best known for M&A advisory services • Other competencies include asset management and corporate restructuring • Negatively affected by recent recession – decrease in M&A and IPOs • Also in reorganization mode after merger of 3 autonomous Lazard offices Window of Opportunity for Lazard Asset Management 1

  3. Internal Processes 2

  4. Internal Processes – Contd. • Back Office Issues • Complex integrated systems • Inefficient use of personnel • Non-uniform visibility of information • Risk Management Issues • Differences in system update affecting risk • New group formed to centralize risk management but short-staffed 3

  5. Risk Management: Soft Dollar Analysis • Subject To: • The entire set of Brokers for variable X has to be used • Each Broker will have at least $100,000 allocated • No Broker shall exceed $750,000 The soft dollar ratio of broker X The dollar expense of market data service Y [Bear, Goldman Sachs, E*Trade, S&P Securities, B.O.N.Y.] [Bloomberg, Factset, Baseline, MSCI, Russell Mellon] 4

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