JPMorgan's former executive assumed control of a new fundraising division within Lazard, according to a report.
In a significant move, global financial advisory firm Lazard has announced the launch of a new Capital Solutions division. The division, which will be headed by Tim Donahue, is set to focus on providing strategic advice to companies on various methods of raising capital, including preferred stock and convertible debt.
Tim Donahue, who joined Lazard last year, brings a wealth of experience to his new role. He previously served as vice chair of capital markets at JPMorgan Chase. His appointment as the global head of the Capital Solutions division is a testament to Lazard's confidence in his abilities.
The Capital Solutions division is designed to ensure that market intelligence is collected and distributed efficiently within the company, where appropriate. This move is intended to bolster Lazard's comprehensive range of capital-raising solutions, as outlined by Peter Orszag, Lazard's CEO-in-waiting.
Capital-markets deals are typically outside the purview of boutique firms like Lazard due to their lack of underwriting capability. However, the establishment of the Capital Solutions division aims to bridge this gap and enable Lazard to compete more effectively in this area.
Lazard's new division also aims to build connections with major US-based private equity firms. While the specific names of these large firms have not been disclosed, the division will oversee Lazard's ties with them. The ultimate goal is to establish better communication between Lazard and their largest buy-side clients.
This strategic move by Lazard is expected to strengthen its position in the financial advisory market and provide its clients with a more robust suite of capital-raising solutions. With Tim Donahue at the helm, the Capital Solutions division is poised to make a significant impact in the industry.
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