Lazard to restructure financial advisory business in Australia – AFR

U.S.-based Lazard Ltd. will create a new business model for its financial advisory operations in Australia as part of a planned reorganization, The Australian Financial Review's Street Talk blog reported Feb. 4.

As part of the restructuring, the company will exit its investment banking business in Melbourne and Sydney, while the existing local leadership team in Australia will set up a new boutique that would be managed in collaboration with Lazard. Andrew Leyden, who runs Lazard's financial advisory business in Australia, will head the new entity.

The changes will result in some job cuts, with a number of redundancies announced internally. Meanwhile, Lazard Asset Management's operations in the country will not be affected by the reorganization, the report said.

A Lazard spokeswoman confirmed the move.