Lazard plans to expand its asset management business with proceeds from the sale of 12 million shares of common stock, according to a regulatory filing today. Lazard and select company shareholders, such as partners, will sell company stock worth roughly $630 million, based on the closing price of Lazard shares on Monday. The company intends to use the net proceeds, estimated at $262 million, to expand the asset management business "through acquisitions and by seeding new investment products, including merchant banking investments," according to the filing. Proceeds will also be used to expand Lazard's financial advisory practice. Richard Silverman, Lazard spokesman, declined to comment.
Lazard has roughly $94 billion in assets under management.