Common NFTs and Metaverse Scams

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Just when the industry thought it had begun to understand cryptocurrencies and the digital world, new concepts like non-fungible tokens (NFTs) and the metaverse begin to dominate the conversation.

If you grew up in an era of cassette tapes, drive-in movies and pay phones, these evolving frontiers may seem foreign and a bit overwhelming, a Morgan Stanley report interjects.

Even if you don’t engage in NFTs or the metaverse now, you may do so in the future.

“NFTs recently broke a monthly sales record with $4 billion in trading activity. Meanwhile, Gartner, a leading research and consulting firm, predicts that 25% of the population will spend at least one hour a day in the metaverse for work, shopping, education, social networking or entertainment by 2026,” adds the report.

For this reason, investors should be wary of the most common scams surrounding NFTs.

For example, the price of NFTs can be manipulated. With this scam, a group of fraudsters work in harmony to buy select NFTs to pump up the demand for them—which causes the price to rise. When the price reaches their target, the cybercriminals will cash out. Without the artificial demand from the fraudsters, the price of the NFTs plummets—leaving newer buyers with a sharply devalued or worthless asset.

If you’re interested in an NFT, review its transaction history and wallet records before buying. If you notice unusual activity—such as a large number of transactions within a short timeframe—it could be due to scammers trying to inflate the value of the NFT.

Another popular scam are the phishing sites, ads and pop-ups. In a twist on typical phishing scams, fraudsters will create NFT sites that closely replicate authentic sites in appearance. As a result, it’s easy for eager buyers to end up purchasing worthless, counterfeit NFTs on these bogus sites.

Additionally, phony ads or pop-ups may lure you to fake login pages for legitimate NFT sites. And, if you enter your information, cybercriminals will capture it.  So, make sure to verify the URL of any NFT site before logging in or making a purchase.

For additional safety, type the URL directly into your browser instead of relying on a search engine result. Also, don’t click on any ads, pop-ups or links for NFT sites. Always go directly to the verified site instead.

Fake social media profiles: Unfortunately, fraudsters are also adept at creating social media accounts that seem to represent legitimate NFT organizations. They use these platforms to hawk counterfeit NFT artwork, hype fake NFT endorsements from celebrities/influencers and promote phony NFT giveaways.

While it’s not foolproof, look for a blue verification tick on the profile to verify the authenticity of the account and check to see if reputable personalities follow the page.

Another rule of thumb is to not link your social media to any Crypto or NFT exchange. This provides a way for fraudsters to create tailored phishing messages based on your portfolio.

BlackRock Introduces Model Portfolios Designed to Help Investment Outcomes for Women

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BlackRock created its first Model Portfolios for Women, leveraging BlackRock’s proprietary LifePath lifecycle investing framework and adjusting standard investment considerations to include life expectancy, income gap, employment gap.

“Most long-term investment products don’t consider three factors unique to women — life expectancy, income gaps, and employment gaps — missing important inputs that could impact women’s long-term investing success”, the statement said.

Life expectancy: On average, women in the U.S. live more than five years longer than men.

Income gap: On average, women in the U.S. earn approximately $0.82 to every $1 men make, with the gap being wider for Black and Latina women.

Employment gap: On average, women spend 1.2 years out of the workforce to care for children or elderly relatives.

When not factoring these inputs, BlackRock has found that, on average, women may be under allocated to equities at critical periods during their long investment horizon.

“This investment strategy is one way in which BlackRock looks to help women achieve better long-term financial outcomes while we – as a society – continue to work toward closing the gender pay gap and finding more equitable solutions for caregiving,” said Stephanie Epstein, Global Head of Models Infrastructure, who also co-leads BlackRock’s Women’s Initiative & Allies Network (WIN).

BlackRock’s Model Portfolios for Women include investment mixes for women across different life stages and can serve as the core of a woman’s investment portfolio.

“The financial challenges women face are not new. Now, advisors have a bespoke, actively managed, and low-cost solution to help women clients achieve their financial goals,” said Carrie Schroen, Divisional Director at BlackRock’s U.S. Wealth Advisory group. “This is especially relevant as women hold an increasingly larger share of global wealth,” she added.

“Our LifePath framework provides a flexible avenue for customization. Incorporating gender-specific demographics into our lifecycle model resulted in a tailored risk profile to better support women’s spending throughout retirement,” said Chris Chung, CFA, Head of Retirement Solutions Portfolio Management and co-manager of the model portfolios.

BlackRock’s Model Portfolios seek to offer advisors a consistent, high-quality investment process that combines the firm’s macro-economic insight, asset class expertise and proprietary Aladdin® risk management.

The introduction of Model Portfolios for Women builds on BlackRock’s commitment to advancing gender equity. In May, BlackRock and UN Women, the United Nations entity dedicated to gender equality and women’s empowerment, signed a Memorandum of Understanding agreeing to cooperate in promoting the growth of gender lens investing.

Snowden Lane Partners Adds Latest Advisor, Creates $360 Million Advisor Team

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Snowden Lane Partners announced Al Jacobi has joined the firm as Senior Partner and Managing Director, from Fieldpoint Private.

Together with Tom Hakala, who joined Snowden Lane as Partner and Managing Director in July, Jacobi and Hakala will form The Jacobi-Hakala Group. They are the fifth wealth management team to join the fast-growing hybrid RIA since mid-April.

Based in Snowden Lane’s New York City headquarters and having worked together for over two decades, The Jacobi-Hakala Group will oversee $360 million in client assets and specialize in offering sophisticated advice and highly customized financial strategies to high-net-worth families and individuals.

“Al and Tom have proven they are experts in the high-net-worth space, and they will fit perfectly into Snowden Lane’s culture,” said Greg Franks, Snowden Lane’s Managing Partner, President & COO. “I’m looking forward to watching them collaborate again, and if their history working together is any indication, they will have an outstanding impact at our firm. I’m excited to officially welcome them to the team.”

“I’m thrilled to be joining Snowden Lane alongside Tom, as the firm has built a great reputation across the wealth management industry,” said Al Jacobi. “I know their established platform will allow me to continue offering clients the customizable financial solutions they deserve, while Snowden Lane’s culture and values align with my ultimate goal of providing objective, conflict-free wealth management advice.”

Prior to Snowden Lane, Jacobi and Hakala each held senior positions at Fieldpoint Private and Wilmington Trust.

Jacobi served as a Managing Director and Senior Advisor at Fieldpoint Private, having previously spent over a decade as a Managing Director and Senior Investment Advisor at Wilmington Trust. In that role, Jacobi led a team of investment specialists to develop highly customized client portfolios. He also worked as a senior investment executive for a large national banking organization, directing a team of investment professionals focused on high-net-worth families. Jacobi holds the Chartered Financial Analyst® designation, an MBA, and is a member of the New York Society of Securities Analysts and the Association of Investment Management and Research.

Hakala most recently served as a Managing Director at both Fieldpoint Private and Wilmington Trust and has held positions with KPMG, UBS and PricewaterhouseCoopers throughout his career.

“We are extremely grateful that Al and Tom chose Snowden Lane after evaluating a competitive recruiting environment,” said Rob Mooney, Managing Partner & CEO of Snowden Lane Partners. “We have always believed our independence, in addition to the personal attention we offer clients, would resonate across the RIA community. It’s very rewarding to see those beliefs hold true and we are humbled by the interest we have received this year.”

Lyle LaMothe, Chairman of Snowden Lane Partners, added, “We deeply admire Fieldpoint Private, hence our enthusiasm when it became clear The Jacobi-Hakala Group would be joining our firm. Al and Tom are highly experienced and have a track record of maximizing results for their clients through customized solutions. I am certain they will thrive in Snowden Lane’s boutique environment.”

The firm has 126 total employees, 72 of whom are financial advisors, across 12 offices around the country: Pasadena and San Diego, CA; New Haven, CT; Coral Gables, FL; Chicago, IL; Pittsburgh, PA; Baltimore, Salisbury and Bethesda, MD; San Antonio, TX; Buffalo, NY, as well as its New York City headquarters, according Snowden Lane information.

Important Things to Consider Before Hiring New Remote Employee

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While a lot goes into a successful business, nothing is quite as important as your employees. They are the lifeblood of any company, and are crucial to everything from creating products, to marketing, to dealing with customers, and much more.

You will only get as far as your employees will take you as a business, and without a good team, a company will often struggle to succeed. Because of this, the importance of hiring the right person the first time is massive.

But before you can hire the right people for the job, there are some things you need to consider.

One of the most important things to consider when hiring anybody is their background. First of all, you need to look at their work experience. You need to look at where they worked, how long they worked there, and the type of things they did there.

If someone has no relevant experience, they may struggle in the position vs. those who have years of experience in a similar role. For some positions, you will also want to think about their educational history and background, as well. Make sure that they have the necessary degrees, certificates, or other requirements that you need to do the job.

However, you should also look at their personal background. You want to ensure they are reliable and have proven in the past that they can handle doing what you need them to do. Also, you may need a background check to learn a little more about their past, too.

Their Cultural Fit

While the education and experience of candidates are important, you also need to think about their personality and how they will fit within your organization. Teams work best together, so everyone you hire should be able to work well with your existing team.

If values are different, goals are different, and personalities clash, it can spell disaster. Everyone doesn’t need to be exactly the same, and a diverse team is very strong, but everyone should have common goals and values, and get along with the rest of their team.

The importance of cultural fit when hiring cannot be overstated and is something that every hiring manager needs to think about when checking out resumes, reading cover letters, and interviewing people. A positive culture at work often leads to better employee engagement, happier workers, better productivity, and other benefits.

Their Potential

Who the candidate is now is important, but so is who they could become in the future. Just because someone is lacking the experience you want due to being a new graduate or because of a career change doesn’t mean they are worth considering. They might have all the right skills and education but are simply too young to have enough relevant experience

Sometimes it is worth it to hire someone who might be a little green if they show promise and are ready and willing to learn. This can be evaluated on a case-by-case basis, but finding someone with the potential to be one of your best employees is often a more intelligent call than bringing in someone who is experienced, but will just be okay at their job.

Another thing about young employees with potential is that they often had the time to develop any bad habits, which is always a good thing. You can build them from the ground up to be great employees, and won’t need to undo any bad training that they have gotten in the past.

Their Skillset

The skills that a person has are also very important to think about when hiring staff. Of course, hard skills are something you need to take a close look at and consider. These are specific abilities, often that can be measured, that can show how good a person is at a particular job.

The exact skills that a person should have can depend entirely on your industry, as well as the type of job that the individual will be doing. For example, the skills that airlines look for when hiring pilots will be different than what a bank looks for when hiring financial advisors.

However, you also cannot forget about their soft skills. These are things like communication skills, time management, conflict resolution, and listening skills, that are very important at every job.

In conclusion, these are some incredibly important considerations to make before hiring a new employee to come work at your company. By thinking about these things, you will be able to ensure you hire the right person and don’t have to waste time and money after hiring mistakes.

Bolton Recruits Former Merrill Lynch Advisor with $130 Million AUM

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Bolton Global Capital has announced that Raul Rohr, a former Merrill Lynch advisor who manages $130 million in client assets, has joined the independent broker dealer.

Mr. Rohr has over 12 years of industry experience, most recently at Merrill Lynch where he was an International Wealth Advisor since 2014. His clientele consists primarily of high and ultra-high net worth individuals located throughout Latin America and the United States.

Mr. Rohr is a graduate of University of California at Irvine with a Bachelors of Science in Chemical Engineering and a Masters in Business Administration (MBA).

He holds designations as a Certified Private Wealth Advisor® and as a Trust and Estate Practitioner. “We are gratified that Raul has decided to join Bolton after receiving multiple competing offers from other firms” according to Ray Grenier, CEO of Bolton.

“We anticipate that this talented professional will be in a strong position to grow his international business on our platform” stated Grenier.

Established in 1985, Bolton Global Capital is an independent FINRA member firm with an affiliated SEC registered investment advisor. The firm manages approximately $12 billion in client assets for US based and international clients through 110 independent financial advisors operating from branch offices in the US, Latin America and Europe, according the firm information.

PIMCO Hires Richard Clarida as Managing Director and Global Economic Advisor

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Photo courtesyRichard H. Clarida began a four-year term as vice chairman of the Board of Governors of the Federal Reserve System in September 2018 and took office as a Board member to fill an unexpired term ending January 31, 2022. He resigned on January 14, 2022. FED.

PIMCO announces that Richard Clarida, former Vice Chairman of the Board of Governors of the Federal Reserve System, will rejoin to the firm as Managing Director and Global Economic Advisor, a role similar to the one he held during his previous 12 years at PIMCO.

He will join in October and be based in PIMCO’s New York office.

Joachim Fels, Managing Director and currently PIMCO’s Global Economic Advisor, will retire from PIMCO at the end of the year after a long and illustrious career spanning almost four decades as an economist.

“PIMCO has been extremely fortunate to have these two giants in the field of economics contribute to our global macroeconomic views for nearly two decades, helping the firm frame a rapidly changing world so we can make the best investment decisions for our clients,” said Dan Ivascyn, PIMCO’s Group Chief Investment Officer. “Rich’s work as architect of PIMCO’s New Neutral thesis in 2014, how lower interest rates for longer would impact valuations in fixed income markets, is just one example of the invaluable insights he has provided to PIMCO clients for many years. He rejoins at another inflection point for markets and we look forward to his insights and guidance on emerging trends.”

Mr. Clarida will advise PIMCO’s Investment Committee on macroeconomic trends and events. In his previous tenure at PIMCO from 2006-2018, Mr. Clarida served in a similar role as Global Strategic Advisor and played a key role in formulating PIMCO’s global macroeconomics analysis.

He will be supported by PIMCO’s team of economists and macroeconomic research experts in the Americas, Asia-Pacific and Europe, and will work closely with PIMCO’s four key regional portfolio management committee – the Americas Portfolio Committee (AmPC), European Portfolio Committee (EPC), Asia-Pacific Portfolio Committee (APC) and Emerging Markets Portfolio Committee (EMPC).

Prior to returning to PIMCO, Mr. Clarida was the former Vice Chairman of the Board of Governors of the Federal Reserve System, and he is currently the C. Lowell Harriss Professor of Economics and International Affairs at Columbia University.

Mr. Clarida also served as chief economic advisor to two U.S. Treasury Secretaries when he was the former Assistant Secretary of the Treasury for Economic Policy.

On the other hand, Mr. Fels, who joined PIMCO in 2015, is retiring from PIMCO at the end of 2022. He has provided invaluable leadership of global macroeconomic analysis for PIMCO’s Investment Committee, the broader firm and commentary for clients around the world. As a leader of PIMCO’s annual Secular Forum, Mr. Fels helped establish macroeconomic guardrails on how the firm approached investing over a three to five year period.

 

Venture Capital AUMs at Record High of $2 trillions

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Captura de Pantalla 2022-04-21 a la(s) 08
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Venture Capital assets under management (AUM) have experienced double digit annual growth in the 20-30% range over the past four years and now stand at a record high of $2trillions, according Q1 2022 Venture Capital Report by Preqin.

As the venture capital market matures, 14% of institutional investors are planning to commit $600 millions or more over the next 12 months, up from 10% during the same period last year and the only category that recorded more than 1% year-on-year growth, the report said.

Confidence remains highest in the North American and European markets. There has been a noticeable uptick in the proportion of investors targeting these regions, increasing from 53% to 59%, and 52% to 60%, respectively.

Investor interest shifts and dry powder grows

Experts highlight that amid market uncertainties and elevated asset valuations, investor interest has shifted to seed, startup and early-stage focused funds in search of opportunities, with nearly half (48%) of investors aiming to place capital in the early-stage strategy in the next 12 months, up from 40% in Q1 2021.

Venture capital dry powder has grown by $43.1 billions during the first quarter of 2022 to $478.5 billions. Early-stage funds’ dry powder increased by 24% during the first quarter of 2022. Now, early-stage funds make up around a third, or $168.6 billions, of total Venture Capital dry powder, making this the most significant specialized strategy in the risk world. Expansion/late-stage funds’ dry powder level, however, fell by 6% between Q1 2022 and FY 2021.

Kebelyn Lee, Associate Vice President, Research Insights at Preqin, says: “In spite of the sell-off in some of the more speculative technology stocks in the public equity market so far this year, there does not appear to be any immediate impact on venture capital activity. Fundraising came in slightly lower year on year but is still at a strong level given a strong base of comparison from 2021. Deal volume in APAC has been notably strong compared to North America and Europe in the last few quarters.” 

Larger funds pull ahead  

Venture Capital fundraising continued at a strong pace in Q1 2022. $54billions was raised by global Venture Capital funds in the quarter, an 11.1% rise on Q4 2021, but an 8.8% decline on the same period last year. The year-on-year decline is not a bad result given the strength of activity in late 2020 and going into 2021.

Despite a strong fundraising record, VC investors’ concerns over asset valuations, competition for assets, and the Russia-Ukraine conflict remain relevant.

In Q1 2022, just 202 funds were raised—the lowest number of funds raised since 2017—implying that investors are putting their trust and capital in larger and more experienced VC managers.   

Given the global average venture capital fund size in Q1 2022 jumped from $126.9 millions to $267.3 millions quarter-on-quarter, investors are clearly demonstrating a preference in larger funds. 

This trend is especially obvious in North America and Europe, which saw a 190% and 48% increase in average fund size during Q1 2022. Globally, there has also been a drop in planned commitment below $50 millions.

abrdn Launches Twin Precious Metals Bdrs in Brazil

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Courtesy photo of ring the bell ceremony on April 19th, 2022. , foto cedida

On April 19th, 2022, abrdn, the leading global asset manager, announced the launch of two Brazilian Depository Receipts (BDRs) referencing existing North American exchange traded funds (ETFs) focused on precious metals.

The new BDR funds, initially offered to qualified investors and listed on B3, the Brazilian stock exchange located in Sao Paulo, will provide exposure to physical gold and silver, respectively.

The available BDRs will offer Brazilians easily accessible, liquid and cost-efficient exposure to both precious metals at a time when many investors are seeking to bulwark their portfolios with increased diversification and protection. Benefiting from investment, risk and operational knowledge drawn from abrdn’s existing stable of metals funds, the new instruments join a growing array of BDRs now listed on B3, numbering more than 100 overall.

“These new BDRs will immediately enhance the landscape of publicly-listed funds for investors, who have grown in number and sophistication but remain limited in their pathways to exposure to gold and silver,” said Menno de Vreeze, Head of Business Development, International Wealth Management at abrdn.  “Today’s macroeconomic conditions demonstrate the imperative for fast, trusted access to these metals perhaps more than ever before, and we are extremely excited to bring these tools to a Brazilian market that is dynamic yet still broadly untapped. We were proud to work with B3 and our local partners on this timely and long-awaited launch, and will continue our work together to offer further exposure of this kind in Brazil in the future.”

“This is a big step in the Brazilian market, bringing an opportunity from of our shelf of passive vehicles in partnership with B3 via their BDR-of-ETF program to provide easy access to two of our flagship metals products. We believe this will also provide excellent foundation for future to provide exposure to our separate commodities suite, as well,” added Daniel Xavier, abrdn Business Development in Sao Paulo.

“B3 continues to support market participants to bring crucial and innovative BDRs to Latin America’s largest market, with providers today including abrdn and many of the world’s largest asset managers,” said Rogerio Santana, Director of Client Relations at B3. “Today’s new BDR offerings provide more confirmation of the Brazil’s market potential and steady maturity, meeting our investors’ requirement for local funds to  help them properly diversify their portfolios and navigate volatility. We are excited to support these new BDRs going forward and congratulate abrdn on their first launch on our platform.”

Goldman Sachs Completes Acquisition of NN Investment Partners

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Foto cedidaDavid Solomon, presidente y Consejero Delegado de Goldman Sachs.. Goldman Sachs completa la adquisición de NN Investment Partners

The Goldman Sachs Group announced the completion of the acquisition of NN Investment Partners from NN Group N.V. for €1.7 billion ($1.84 billion). 

NN Investment Partners will be integrated into Goldman Sachs Asset Management with the company’s more than 900 employees joining the Goldman Sachs family and the Netherlands becoming an important location in Goldman Sachs’ European business and a center of excellence for sustainability in public markets investing. 

The acquisition brings Goldman Sachs’ assets under supervision to approximately $2.8 trillion and affirms its position as a top five active asset manager globally with leading franchises in fixed income, liquidity, equities, alternatives and insurance asset management. It also brings assets under supervision in Europe to over $600 billion, aligning with the firm’s strategic objectives to scale its European business and extend its global reach. 

The combination further strengthens our platform and provides an expanded product range and dedicated service to clients globally, bringing together the best of both organizations to deliver investment solutions  at scale, across all asset classes. 

NN Investment Partners is highly complementary to Goldman Sachs Asset Management’s existing European footprint, adding new capabilities and accelerating growth in products such as European equity  and investment grade credit, sustainable and impact equity, and green bonds. 

NN Investment Partners has been successful in incorporating Environmental, Social and Governance (ESG) factors across its product range, with ESG criteria integrated into approximately 90% of assets under supervision. Over time, Goldman Sachs Asset Management intends to leverage the expertise of  NN Investment Partners to complement its existing investment processes, helping the firm to deepen  ESG integration across its product range and deliver on clients’ sustainable investing priorities. 

David Solomon, Chairman and Chief Executive Officer of Goldman Sachs, said: “This acquisition advances our commitment to put sustainability at the heart of our investment platform. It  adds scale to our European client franchise and extends our leadership in insurance asset management. We are excited to welcome the talented team at NN Investment Partners, a center of excellence in  sustainable investing, to Goldman Sachs and together we will focus on delivering long-term value to our  clients and shareholders.” 

As part of the transaction, Goldman Sachs Asset Management has entered into a long-term strategic partnership agreement with NN Group to manage an approximately $180 billion portfolio of assets, reflecting the strength of the business’ global insurance asset management capabilities and alternatives franchise. 

The partnership also strengthens Goldman Sachs Asset Management’s position as one of the largest  non-affiliated insurance asset managers globally, with over $550 billion in assets under supervision, and the acquisition will provide a foundation for further growth in the firm’s European fiduciary management  business, building on the success of its platform in the United States and United Kingdom.

Lazard Names Evan L. Russo CEO of Asset Management

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Russo Lazard
Foto cedidaEvan L. Russo, nuevo CEO de Lazard AM.. Lanzar elige a Evan L. Russo nuevo CEO para su negocio de gestión de activos

Lazard announced that Evan L. Russo, Chief  Financial Officer (CFO) of Lazard, will succeed Ashish Bhutani as Chief Executive Officer (CEO) of Lazard’s Asset Management business.

Mr. Bhutani has decided to retire as CEO of Lazard’s  Asset Management business and from the Board of Directors of both Lazard Ltd and Lazard  Group as of June 1, 2022, to pursue philanthropic and personal interests. Mr. Bhutani will continue  serving as Chairman of Asset Management and as a Vice Chairman of Lazard through the end  of the year. Mr. Russo will continue serving as Lazard’s CFO and work with Kenneth M. Jacobs,  Chairman and CEO of Lazard, to expeditiously identify his successor.  

Mr. Russo joined Lazard in 2007. He has served as CFO and as a key member of Lazard’s  executive leadership team since October 2017. In his role as an executive officer, he helped to lead strategic priorities for the firm, developing a deep understanding of the Asset Management business. As CFO, Mr. Russo significantly increased engagement with Lazard’s stakeholders. He also developed a deep bench of talent and enhanced the capabilities of the finance team worldwide. He successfully led projects to modernize and improve the firm’s global financial  capabilities and optimized the firm’s capital structure. Prior to becoming CFO, Mr. Russo served  as Co-Head of Lazard’s Capital Markets and Capital Structure Advisory practice in the firm’s Financial Advisory business.  

Mr. Bhutani joined Lazard in 2003, was shortly thereafter appointed head of Lazard Asset  Management and became a member of the Board of Directors in 2010. Under his leadership,  Lazard’s Asset Management business has become a leading global asset manager with over  $250 billion in assets under management. Mr. Bhutani, along with the senior management team,  has built a business based on a culture of innovation and entrepreneurship, with a passionate  commitment to serving clients with excellence. It is this culture that underpins Lazard’s success  and will continue to be a driving force in its future growth. 

Mr. Bhutani is Chairman of the Lazard Foundation in the U.S. in addition to being active in a  number of philanthropic organizations, including serving as a Board member of City Harvest. He  now plans to focus more on his personal philanthropic efforts.  

“Over his two decades at Lazard, Ashish has led the transformation of our Asset Management  business into a leading global franchise driven by a world-class team, and for the past 12 years  he has served as a valued member of our Board of Directors,” said Mr. Jacobs. “Ashish has been  an inspirational partner, and I admire him as a leader and as a philanthropist. On behalf of  Lazard’s Board, I thank Ashish for his substantial achievements as a senior leader of the firm and  his contributions as a Board member.” 

“The success of our Asset Management business over the past 20 years has been driven by our  innovative and entrepreneurial culture, and an unwavering focus on delivering the best of Lazard  to our clients,” said Mr. Bhutani. “I am confident that under Evan’s leadership, working closely  with our experienced senior management team, the business will reach new heights in delivering  best-in-class investment solutions and service to our clients.” 

Lazard’s Asset Management business provides a world-class suite of investment solutions across  a diverse range of asset classes, regions and investment styles, with operations in 24 cities,  supporting clients in more than 50 countries across the globe. 

Alexander F. Stern, President of Lazard, to retire from the firm at year end  

Lazard also announced today that Alexander F. Stern, President of Lazard since 2019 and an  investment banker in its Financial Advisory business for nearly 30 years, has decided to retire from the firm at the end of this year. He will continue serving in his current role as President  through year-end 2022 and will also continue as Executive Chairman of Lazard Growth  Acquisition Corp. I, a Special Purpose Acquisition Company.  

“Alex has been an invaluable partner to me for many years and an important advisor to Lazard’s  Board,” said Mr. Jacobs. “He has been a key member of our executive leadership team as  President. In his prior role as Global Head of Strategy, he was responsible for our key strategic  initiatives, and as Chief Operating Officer he ensured our successful transition to being a public  company. As CEO of Financial Advisory until 2019, Alex steered the development of our Financial  Advisory business globally, enhanced collaboration and productivity across our workforce and  strengthened our relationships with our investment banking clients. On behalf of our Board, I thank  him for his years of service and unwavering commitment to the firm, our clients and our culture.”