Payday for Parr? UBS Hires Lazard

The stock of Lazard Ltd (LAZ-NYSE) has come through the bear market in much better shape than its peers; its M&A franchise and asset management segments are a good place to hide in the current environment.

Their franchise player, outside of Bruce Wasserstein, is the banker’s banker Gary Parr, and it appears he is busy:

UBS has hired Lazard to conduct a strategic review of the Swiss-based financial firm’s businesses, The Post has learned.

The embattled bank has been one of the institutions at the center of the credit crunch, and Lazard’s hiring has fueled speculation that the firm might be considering separating its highly regarded wealth-management division from its much-maligned investment-banking operation New York Post

Of course, before UBS employees begin to freak out, it should be noted this might be business as usual:

One person familiar with the matter noted that UBS’s strategic review might be part of an annual internal review of its business lines, something UBS has stepped up in the wake of losses.

But Parr’s rainmaking skills are part of the reason Lazard’s stock has held up so well in 2008; and absence of sub-prime slime on the balance sheet helps as well.
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Lazard YTD: Sideways is a win in this tape

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UBS HIRES LAZARD FOR REVIEW
New York Post
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