(Updates Alexander Stern’s job title, corrects spelling of Peter Orszag in paragraph seven)
By Christopher Spink
LONDON, June 20 (IFR) - Sovereign advisory expert Eric Lalo has stepped down after 30 years at Lazard, resigning from his position as managing director at the end of March and deciding on future plans after summer.
During his time in the Paris office of the US-listed business he has advised European, African and Asian clients on debt restructurings and other mandates.
In 2017 he advised the International Bank of Azerbaijan on a US$3.34bn restructuring and the year before acted for the Austrian province of Carinthia on resolving €10.9bn of liabilities in relation to former state bank HETA.
He was also involved in the restructuring of the Kazakhstan banking sector, which concluded in 2012, following the financial crisis.
Lalo joined Lazard from Bank of America, following colleague Michele Lamarche who also previously worked at the US bank.
Last month Lazard promoted the head of its sovereign advisory practice Matthieu Pigasse, who also heads its business in France, to global head of banking as well as deputy chief executive of financial advisory. He retains his current roles but gives up being global head of M&A.
Lazard has also appointed Peter Orszag as chief executive of financial advisory from June 1, replacing Alexander Stern, who has become president of the group focusing on growth and technology initiatives.
Lazard’s first-quarter revenues from financial advisory fell 15% to US$330m year-on-year, underperforming larger US banks which on average saw their advisory revenues rise 18% over the same period.
Lazard is active in Africa, advising Mozambique on its restructuring negotiations, and South African state power company Eskom on its refinancing. Other clients include Ethiopia, Gabon, Republic of Congo and Zimbabwe. (Reporting by Christopher Spink)