Lazard swallows Carnegie Wylie

Global investment bank Lazard, parent of Lazard Asset Management, has acquired local financial advisory firm Carnegie Wylie for an undisclosed “combination of cash and stock”.

The acquisition, which is effective immediately, is part of a five-year acquisition strategy by Lazard Group to expand its financial advisory business globally.

Founded in 2000 in Melbourne, Carnegie Wylie provides mergers and acquisitions advisory services in Australia and the Asia Pacific region, and also has a private equity business.

Co-founder and principal John Wylie described the Lazard business model as “absolutely compatible with ours, focusing on independent mergers and acquisition advice”.

Lazard group president Charles Ward said the acquisition would allow the firm “to build on our existing Australian business faster, and strengthen our access in the important Asia Pacific region”.

In terms of the deal, Lazard group’s financial advisory team in Sydney will merge with Carnegie Wylie, to be based in Melbourne under the leadership of John Wylie.

Lazard Asset Management’s Australian business will continue to be managed separately, under its current leadership in Sydney.

Carnegie Wylie co-founder and principal Mark Carnegie will become chief executive of Lazard’s Australian Private Equity business.