Lazard hires BofA banker to strengthen financial sponsors division, source says
Hart, who has over a decade of working experience with financial sponsors, will oversee large and mid-cap sponsors at the investment bank starting this fall season, the person said.
He is currently the managing director for financial sponsors - private equity firms and other buy-side funds - at Bank of America's wealth management and investment division.
The move is in line with Lazard's efforts to bulk up their activity involving buyout firms and alternative asset managers as it looks to increase its share in private capital.
However, Lazard CEO Peter Orszag had warned in his post-earnings conference call last quarter that economic uncertainty could keep dealmaking in check.
In 2024, Lazard hired Adam Cady from Bank of America for North America's large-cap financial sponsor coverage and Courtney Haydon from Guggenheim Securities for dealmaking involving private equity firms and alternative asset managers.
The investment bank also hired former Citigroup dealmaker Ali Syed to cover sovereign wealth funds and pension funds last year.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
40 minutes ago
- The Independent
Which stores will be open on July 4th?
The Fourth of July will see banks, the stock market, and the United States Postal Service closed, though online banking and ATMs will remain accessible. Costco stores will be closed for the entire day on July 4th, resuming normal business hours the following day. Many major retailers, including Target, Walmart, Kroger, Starbucks, Dunkin' Donuts, and Walgreens, are expected to be open, with some operating on reduced hours. Aldi and Trader Joe's will also be open but with limited hours, typically closing earlier in the afternoon. Most fast-food restaurants, such as McDonald's, Wendy's, Burger King, and Chipotle will be open, though specific opening times may vary by location.
The Guardian
an hour ago
- The Guardian
Elon Musk's xAI gets permit for methane gas generators
Elon Musk's artificial intelligence company xAI has been granted a permit to run methane gas generators at its massive data center in Memphis, Tennessee. The county health department approved the permit for the 15 machines late Wednesday, a move that has sparked outcry from the local community and environmental leaders, who say the generators pollute their neighborhoods. 'Our local leaders are entrusted with protecting us from corporations violating on our right to clean air, but we are witnessing their failure to do so,' said KeShaun Pearson, the director of the local environmental non-profit Memphis Community Against Pollution. xAI set up its massive data center in Memphis roughly a year ago. To supplement the facility's heavy power usage, the company brought in dozens of portable methane gas generators. xAI did not have a permit for the generators, which require municipal approval to deploy, but seemed to have found a loophole in the system that allowed it to use the turbines as long as they were not in the same location for more than 364 days. In January, xAI did apply for a permit for 15 generators – even though it had been running up to 35 generators on-site, according to photographs. After months of public forums and community protests, the Shelby county health department issued the permit. A satellite image that Memphis Community Against Pollution took on Tuesday and shared with the Guardian shows at least 24 turbines still set up at xAI's facility. 'xAI welcomes today's decision,' a company spokesperson said in a statement. 'Our onsite power generation will be equipped with state-of-the-art emissions control technology, making this facility the lowest emitting of its kind in the country.' Sign up to TechScape A weekly dive in to how technology is shaping our lives after newsletter promotion Environmental groups dispute whether xAI's power usage will actually be low emitting. The Southern Environmental Law Center has conducted studies on the pollution that the turbines emit and says they have the capacity to emit thousands of tons of harmful nitrogen oxides, along with toxic chemicals like formaldehyde. 'The decision to give xAI an air permit for its polluting gas turbines flies in the face of the hundreds of Memphians who spoke out against the company's permit request,' said Amanda Garcia, a senior attorney for the Southern Environmental Law Center. She added that the health department is allowing 'another polluter to set up shop in this already overburdened community without appropriate protections'. xAI is in the industrial zone in Memphis, which is surrounded by several neighborhoods where residents have long dealt with pollution. This area is historically Black and has higher rates of respiratory diseases and asthma and a lower life expectancy than other parts of the city. Studies have shown these neighborhoods also have a cancer risk four times higher than the national average. The pollution coming out of xAI, along with its proximity to Black neighborhoods, has caught the attention of the NAACP civil rights group. It has initiated a lawsuit against xAI alleging the company is violating the Clean Air Act by illegally installing and operating the methane gas generators. 'While the NAACP is glad that 15 of xAI's turbines are now subject to greater transparency and accountability around their methane gas emissions … this decision ignores the community pushback,' Abre' Conner, the NAACP's director of environmental and climate justice, said in statement on Thursday. 'We are still committed to holding xAI and the Health Department accountable.'
The Independent
an hour ago
- The Independent
How the ‘Big, Beautiful Bill' will affect grad student loans
The House of Representatives is advancing the GOP's 'Big Beautiful Bill', which is set to significantly alter how graduate students finance their higher education. The bill proposes eliminating the federal Grad PLUS loan program starting July 2026, replacing it with increased but potentially insufficient limits on federal Stafford loans. Graduate students would face annual borrowing limits of $20,500 and a lifetime cap $100,000, while professional students could borrow up to $50,000 annually $200,000 lifetime maximum. Critics warn the changes could force students into private loans, deter them from pursuing advanced degrees, and exacerbate shortages in high-demand sectors like rural healthcare. While Republicans argue the limits will help control college costs, President Donald Trump is scheduled to sign the bill, which will also affect borrowers on the Biden-era SAVE plan from next summer.
