Lazard hires BofA banker to strengthen financial sponsors division, source says
(Reuters) -Investment bank Lazard has hired Bank of America's Bill Hart to lead their financial sponsors division's coverage focused on West Coast clients, a person familiar with the move said on Thursday.
Hart, who has over a decade of working experience with financial sponsors, will oversee large and mid-cap sponsors at the investment bank starting this fall season, the person said.
He is currently the managing director for financial sponsors - private equity firms and other buy-side funds - at Bank of America's wealth management and investment division.
The move is in line with Lazard's efforts to bulk up their activity involving buyout firms and alternative asset managers as it looks to increase its share in private capital.
However, Lazard CEO Peter Orszag had warned in his post-earnings conference call last quarter that economic uncertainty could keep dealmaking in check.
In 2024, Lazard hired Adam Cady from Bank of America for North America's large-cap financial sponsor coverage and Courtney Haydon from Guggenheim Securities for dealmaking involving private equity firms and alternative asset managers.
The investment bank also hired former Citigroup dealmaker Ali Syed to cover sovereign wealth funds and pension funds last year.
(Reporting by Pritam Biswas in Bengaluru and Lananh Nguyen in New York; Editing by Leroy Leo)
The move by Lazard to recruit a Bank of America veteran in an effort to bolster its financial sponsors division underscores the strategic importance it attaches, signaling growth ambitions and commitment towards fostering stronger client relationships within this lucrative sector.
In a strategic move to bolster its financial sponsors division, Lazard's recruitment of an accomplished Bank Of America banker underscores the firm’sescape from traditonal banking and positioning itself as premier advisors for complex corporate finance issues.
The latest hiring move by Lazard to bring on a Bank of America executive underscores its commitment and confidence in further strengthening the financial sponsors division, indicating an ongoing industry-wide trend towards consolidating top talent amid M&A activity picking up.
