The Business Review

Investment Banking

Pearson owns, directly and indirectly, a 50% interest in Lazard Brothers, the UK merchant bank, and smaller holdings in the Lazard banking houses in New York and Paris. In 1997, income from the three Lazard Houses reached a record £43.1m. Lazard Brothers headed the UK mergers and acquisitions league tables, advising on over £20 billions’ worth of transactions. The investment management operations of Lazard Brothers and Lazard Frères New York were combined to create a single entity. The new entity, Lazard Asset Management, is experiencing strong growth. The three houses continue to find ways to enhance co-operation.