Lazard Capital Markets Transitions Employees to FBR


Lazard Capital Markets (LCM) sent a team of 29 research analysts, salespeople and traders to FBR in a negotiated settlement.  Bloomberg reported last month that LCM was exploring strategic options such as a sale.  LCM, which was spun out during Lazard Ltd’s 2005 IPO, continues to maintain a research offering after the transition, albeit with reduced coverage.

The transfer included 6 senior research analysts, 6 sales traders, 3 position traders, and 4 institutional sales people.  The analysts will allow FBR to initiate coverage of the Healthcare industry and will add to existing coverage within the TMT (Technology, Media, and Telecom) and Consumer groups.  Combined with other recent hires, the overall FBR research team will include 31 senior analysts covering 7 industry groups.  FBR also has a policy analyst.

FBR (formerly known as Friedman Billings & Ramsey) has been adding to its research capabilities with the goal of creating an industry leading small-cap equities franchise.  FBR stressed that its equities expansion will not impact profitability: “From a shareholder perspective, revenue per head remains a key metric to manage in our business in order to achieve competitive returns on equity. This new team is expected to contribute to our ability to maintain our current industry leading revenue per person, keeping us on the path of consistent profitability that we have been building upon.”

FBR also said the negotiated transfer of employees did not come with any associated goodwill or other direct capital costs.

For the full press release go to


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