Lazard’s Investment Bank Shuffles TMT, Shareholder Advice Groups
(Bloomberg) -- Lazard Ltd.’s investment bank is reorganizing its technology, media and telecommunications group to better cover private equity firms and promoting several bankers as part of the effort. The firm has also merged its capital markets and shareholder advisory businesses.
The TMT group is being divided into two teams, according to Peter Orszag, the firm’s chief of financial advisory.
Mark Dolins will become global head of the technology group while Garrett Baker and Vincent Le Stradic will become global co-heads of the telecom, media and entertainment group, Orszag said in an interview Tuesday. Dolins is based in Boston; Baker is in New York and Le Stradic is in Paris.
“The new structure will bolster our blended approach in advising both large-cap public and mid-size sponsor-linked TMT clients,” Orszag said.
As part of the changes, Paul Haigney, co-head of the former group, will become chairman of technology. Eric Medow, the other former co-head, will retire after 30 years in banking. Medow, who joined Lazard from Citigroup Inc. in 2015, will help with the transition.
“The realignment of our former TMT group underscores our ability to move quickly to seize market opportunities,” Orszag said.
Lazard’s middle-market TMT group, which focuses on smaller deals involving private equity firms, will be integrated into the new teams, he added. Ed King and John Lonnquist will join the technology team as part of the changes.
There are also some promotions on the West Coast. Jason Tavano has been named head of West Coast technology while John Gnuse will become head of strategy for the technology group and will spearhead large-cap technology coverage along with Haigney.
Richard Hoyle, based in London, will be appointed co-head of information services together with a new hire joining in New York in August, Orszag said. Hoyle will become head of Europe technology.
Lazard has merged its capital markets business with its shareholder advisory unit, which is focused on advising companies against activist investors, Orszag said.
Mary Ann Deignan and Jim Rossman have been named co-heads of the new capital markets advisory group.
Orszag said the team will work closely with the rest of the bank “as a hub of expertise on capital raising, activism defense, corporate finance, ESG and sustainability advice, and capital markets insights.”
Dennis Berman, a managing director in the shareholder advisory group, has joined the media and telecommunications team, Orszag said. Andrew Whittaker, a managing director, has departed, according to people familiar with the matter, who asked to not be identified because the changes aren’t public. He had focused on M&A analytics, his LinkedIn page showed.
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