Eric Wallerstein ’19 pitched Lazard (LAZ) to the Student Managed Investment Fund (SMIF) on February 4, 2019. Founded in 1848, Lazard is a top global financial advisory firm. Lazard advises corporations and institutions on a variety of transactions, including mergers and acquisitions, restructuring, and shareholder advisory. Additionally, Lazard Asset Management currently manages over $240 billion in assets. Lazard Asset Management focuses on actively managed value-style equity strategies, and has doubled their AUM in just the past decade. Lazard’s financial advisory business has consistently finished in the top tier of both mergers and acquisitions and restructuring league tables, both in the U.S., and internationally. Recently, Lazard has advised on several major transactions, including Aetna’s $77 billion sale to CVS Health, and Express Scripts’ $67 billion sale to Cigna. Major recent restructuring clients include Pacific Gas & Electric, Toys “R” Us, and Sears Holdings. The class voted to purchase 400 shares of LAZ.