Magazine article Black Enterprise

WR Lazard Manages $1 Billion Bond Issue

Magazine article Black Enterprise

WR Lazard Manages $1 Billion Bond Issue

Article excerpt

The nation's third-largest black-owned investment banking firm, WR Lazard & Co., recently landed the biggest account in its eight-year history. Along with Smith Barney and PaineWebber, WR Lazard will senior manage the New York City Municipal Water Finance Authority's $1 billion revenue bond issue. The deal, affirming the New York-based firm's position as a major investment banking house, coincidentally came one week after its March reorganization.

In March, WR Lazard established a four-member executive committee to structure the firm to be more competitive in its investment banking, asset management, financial advisory and sales and trading businesses. Along with developing and implementing key marketing strategies over the next year, the committee will identify service and operational improvements, and new technologies and products.

"We will focus our resources and talent on developing customized solutions for select clients - not packaged products for the masses," says CEO Wardell R. Lazard. Fellow committee members will include Kenneth E. Glover, WR Lazard vice chairman and chief administrative officer; Thomas M. Mead, president of WR Lazard, Laidlaw and Mead, the company's broker dealer subsidiary; and Melvin Eubanks, vice chairman of WR Lazard, Laidlaw and Mead.

Although the investment firm's new growth strategy looks promising to the industry, the reorganization was not a factor in its selection as a senior manager of the New York City bond issue. …

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