Lazard CL - Private Capital Advisory
- Thoughts on Lazard's acquisition of Campbell Lutyens for Private Capital Advisory? Think it marks a big step for Lazard and will give them a huge advantage with regards to winning mandates etc.
- How will CL's previous culture and benefits transfer over to Lazard (if at all)?
- What is the pay like for analyst's do you think (not just for Lazard, but with any EB that has a PCA platform)? How do bonuses differ from Secondaries Advisory to Primaries Advisory? Heard from a friend base for Laz and CL PCA base is 120k, but was curious about the bonus.
Thanks everyone.
Lazard's acquisition of Campbell Lutyens (CL) for Private Capital Advisory (PCA) is indeed a significant move. Based on the most helpful WSO content, here’s a breakdown of your questions:
Strategic Advantage for Lazard:
Acquiring CL positions Lazard as a stronger player in the PCA space. CL is widely recognized as a leader in secondaries advisory, and this acquisition could enhance Lazard's ability to win mandates, especially in competitive situations. Combining Lazard's global reach and resources with CL's expertise in secondaries and private markets could create a formidable platform.
Culture and Benefits Transfer:
Cultural integration is always a challenge in acquisitions. CL has a strong reputation for its culture, and how much of that transfers to Lazard will depend on how Lazard manages the integration. Historically, when EBs acquire boutique firms, there’s often a period of adjustment, and some aspects of the boutique’s culture may be diluted. However, Lazard might aim to preserve CL's unique strengths to maintain its edge in the PCA space.
Pay for Analysts in PCA Platforms:
For elite boutiques (EBs) with PCA platforms, analyst base salaries are competitive. The $120k base you mentioned aligns with market standards for top-tier firms like Lazard and CL. Bonuses, however, can vary significantly:
Bonus Expectations:
While exact bonus figures can vary year-to-year and by firm, secondaries advisory bonuses at top firms like Lazard or CL could range from 50-100% of base salary for analysts, depending on deal flow and firm performance. Primaries advisory bonuses might be closer to 30-70% of base salary.
In summary, Lazard's acquisition of CL is a power move that could reshape the PCA landscape. Analysts in PCA platforms at EBs like Lazard and CL are well-compensated, with secondaries advisory typically offering higher bonuses than primaries advisory.
Sources: Lazard vs. Morgan Stanley?, https://www.wallstreetoasis.com/forum/investment-banking/lay-of-the-land-ebs?customgpt=1, Lazard Clarification, What is Private Capital / Private Market Advisory?, Lazard vs Moelis Chicago Offices
Totally agree, this is a big move for Lazard. Curious how CL’s culture fits in and how bonuses compare between secondaries and primaries
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