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Operational Environment at Lazard Asset Management

CONFIDENTIAL. DECEMBER 2003. LAZARD LLC. Operational Environment at Lazard Asset Management. Kevin Dooley Nii Nortei Lokko. Lazard Intro. Financial services partnership that is best known for M&A advisory services Other competencies include asset management and corporate restructuring

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Operational Environment at Lazard Asset Management

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  1. CONFIDENTIAL • DECEMBER 2003 LAZARD LLC • Operational Environment at Lazard Asset Management Kevin Dooley Nii Nortei Lokko

  2. Lazard Intro • Financial services partnership that is best known for M&A advisory services • Other competencies include asset management and corporate restructuring • Negatively affected by recent recession – decrease in M&A and IPOs • Also in reorganization mode after merger of 3 autonomous Lazard offices Window of Opportunity for Lazard Asset Management 1

  3. Internal Processes 2

  4. Internal Processes – Contd. • Back Office Issues • Complex integrated systems • Inefficient use of personnel • Non-uniform visibility of information • Risk Management Issues • Differences in system update affecting risk • New group formed to centralize risk management but short-staffed 3

  5. Risk Management: Soft Dollar Analysis • Subject To: • The entire set of Brokers for variable X has to be used • Each Broker will have at least $100,000 allocated • No Broker shall exceed $750,000 The soft dollar ratio of broker X The dollar expense of market data service Y [Bear, Goldman Sachs, E*Trade, S&P Securities, B.O.N.Y.] [Bloomberg, Factset, Baseline, MSCI, Russell Mellon] 4

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