When the three houses of Lazard were combined last year, many of the managerial duties of London chairman David Verey passed to Lazard CEO Bill Loomis in New York. So it was only a matter of time before Verey, 50, did what many other Lazard executives seem to be doing: resign. “I didn’t want to go live in New York, and I wasn’t asked, either,” he says.
Yet the changing of the guard in London was actually quite smooth by Lazard standards. The new London chairman, Marcus Agius, 54, provides genuine continuity. He and Verey joined the firm on the same day in 1972, and although Agius boasted the ritzier pedigree - Harvard MBA, Rothschild spouse - it was Verey who clambered to the top first.
Agius intends to remain a rainmaker. “I’ve always been a deal doer,” he says. “I’m obviously keen to reassure clients that it’s business as usual.” Agius has been in top form lately, advising Halifax on its £28 billion ($39.8 billion) merger with Bank of Scotland. He regards that deal, on which he worked opposite David Mayhew of Cazenove and Sir John Craven of Gleacher, as evidence of a resurgence by independent advisers in the face of the Wall Street deal supermarkets. “My gut tells me the fashion is moving more in our direction than against it,” he contends.
In fact, Agius might find himself across the negotiating table from Verey on a deal soon. Verey says he’s eager to find a senior banking job “at the heart of things,” and some colleagues tip him as a potential CEO for the newly incorporated Cazenove.
