LAZARD, INC. 
Peter Orszag, CEO of Lazard, discusses the state of mergers and acquisitions (M&A) activity. He anticipates an acceleration in activity, particularly after a Fed rate cut, which could act as a catalyst.
Orszag does not consider the number of rate cuts to be crucial, but rather the significant impact of the first cut. He acknowledges that geopolitical uncertainties, with elections in countries such as the UK, France and the US, are causing concern among companies that favour stability.
Orszag identifies powerful driving forces for M&A activity, such as technological advances, the energy transition, diversification of China-related risks and innovations in life sciences and biotechnology. He notes that past challenges, such as the mismatch between buyers and sellers, financing problems and regulatory issues, are easing.
He expresses confidence that the company will achieve its financial targets, building on the Lazard brand, talent and ambition. He cites mainly organic growth in advisory and is looking at acquisitions in asset management, particularly in private markets such as private credit, infrastructure and real estate.
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