Lazard

Emerging markets are back in focus. New analysis from Lazard Asset Management suggests the backdrop is more supportive than at any time in the past 15 years. What’s striking is the combination of cyclical momentum and deeper structural changes. Earnings expectations in emerging markets are now outpacing those in developed markets, supported by faster economic expansion, early monetary easing, and healthier currency dynamics. Read more: https://lnkd.in/eyMnme-a

Lazard acted as financial advisor to Anastasia Beverly Hills on its holistic recapitalization transaction.

It was a pleasure to welcome more than 20 talented students from the HEC Paris German Society to our Munich office for an immersive networking event. Marcus Schenck, Co Head of Investment Banking for the DACH region, opened the session with a warm welcome and Q&A, before our bankers introduced participants to Lazard and guided them through an M&A case study. Coming from various programs such as International Finance, Data & Finance, Management, and Management & Public Policy, the group then joined our team for networking. Would you like to join our team in Germany? Explore our career opportunities: https://bit.ly/3MAhnZm

Congratulations to our newly promoted Managing Directors! Our 2026 class reflects exceptional breadth, depth, vision, and dedication to our clients — leaders who will further strengthen Lazard’s impact in the years ahead.

While many predict U.S. inflation to continue to trend towards the Fed’s 2 percent target by 2026, Lazard CEO & Chairman Peter Orszag and Adam Posen, President of The Peterson Institute for International Economics, argue otherwise. Factors that could push inflation up in 2026 include: 1️⃣ Tariff Transmission Lag: The delayed pass-through of tariffs to consumer prices, could add up to 50 basis points to headline inflation by mid-year as inventories deplete and companies adjust pricing strategies. 2️⃣ Immigration Policy & The Labor Market: With reduced immigration the primary driver underpinning a dramatic decline in the breakeven employment level, the labor market is tighter than unemployment suggests. When deportation effects fully materialize, labor shortages in certain sectors will intensify, forcing wage increases and putting upward pressure on inflation. 3️⃣ Fiscal Policy Looser Than It Appears: The fiscal outlook for 2026 is more expansionary than most recognize – and may add a percent of GDP or more in additional stimulus this year. Tariff revenues are already declining from their peak, and additional spending — such as a potential extension of enhanced ACA subsidies — appears increasingly plausible. Together, these forces point to a larger fiscal deficit, further contributing to upward pressure on inflation. 4️⃣ Monetary Conditions More Accommodative Than Recognized: Actual financial conditions matter more than the federal funds rate for inflation. By this metric, monetary policy remains looser than the FOMC seems to appreciate. Household debt service ratios sit near historic lows, credit spreads are exceptionally tight, and household net worth exceeds $180 trillion all indicators that suggest ample capacity for continued consumer and business spending. 5️⃣Household Inflation Expectations: Research shows that households form inflation expectations based on vivid, memorable price increases in frequently purchased items - like eggs or childcare - rather than aggregate data, and these memory effects can persist for years. As staggered price increases in salient categories materialize over the next year, household expectations may drift upward, adding pressure to actual inflation. Individually, factors like these would nudge inflation higher; when combined, they make the scenario of inflation above 4 percent by late 2026 not only plausible but could arguably be the most likely scenario. Read the full article here: https://lnkd.in/e26uCAZK

We are delighted to welcome a new cohort of Off‑Cycle Interns to Lazard’s London office. Over the next six months, our interns will gain meaningful exposure to the full breadth of the firm’s advisory work. They will support our sector and product teams on live transactions, conduct financial and industry analysis, and contribute directly to client materials and research. Lazard’s rich history, global network of experienced bankers, and bespoke training and development programmes make it an exceptional place to begin and grow a career in finance. More information about early career opportunities in the UK can be found here: https://bit.ly/45bhktq

Shareholder activism reached new heights in 2025, with 175 activists launching campaigns—and half were first-time players. That means 87 new activists entered the space last year, underscoring the continued broadening of activism as a strategy across investor types. At the same time, the most active activists became more prolific. We tracked 16 activists who launched four or more campaigns in 2025, compared to just nine in 2024. With new entrants emerging and existing players ramping up activity, companies must closely monitor their shareholder registers and inbound meeting requests to stay on top of these evolving threats. Chris Couvelier, Managing Director in the Shareholder Advisory & Activism Defense group, breaks down the key trends from our latest shareholder activism report. Learn more → https://bit.ly/4syPi5f

What geopolitical forces will shape business decisions in 2026? Lazard’s Geopolitical Advisory team has identified the ten trends most likely to move markets and redefine corporate strategy in its newest Top Geopolitical Trends report. This year’s highlights include: 1. The emergence of a new economic nationalism that has forged a playbook for economic interventionism that is going global and putting companies under greater scrutiny. 2. Tensions between the E.U. and China will be on the rise as Europe’s fragmented political will collides with China’s overcapacity and critical mineral dominance, putting Europe’s industrial competitiveness to the test. 3. U.S. assertiveness in the Western Hemisphere raises questions about regional stability, while the electoral success of right-of-center candidates will likely create political conditions for pro-business reform. 4. Critical mineral alliances will take center stage, as governments and companies race to reduce dependencies on China’s critical minerals exports. 5. A renewed search for a lasting U.S.–China trade deal could lead to a fragile stability, even as underlying structural tensions persist. Learn more: https://lnkd.in/eCyYe2MW

To start the new year, Lazard CEO and Chairman Peter Orszag was a featured guest on LinkedIn News podcast “This Is Working” with Daniel Roth. In this episode, Peter highlighted how we're building a commercial and collegial culture, the opportunity for AI-powered innovation, and the importance of delivering advice that is fact-based, having a point of view, and speaking truth to power even when it feels risky, because credibility compounds. Peter also emphasized how Lazard’s differentiation comes from the intersection of deep content and relationships, a theme that anchors Lazard 2030, our vision for the future of our firm and long-term growth strategy. https://lnkd.in/gdxRA2yy

Lazard acted as exclusive placement agent to Eir Partners in raising Eir Partners III, LP.