Lazard, an investment banking and asset management firm, has spent the past several months recruiting executives from some of the most respected names in finance.
The reason?
The firm is rebuilding its investment arm, and it seems like it wants to make big swings as can be seen in the pedigree of people it has hired thus far.
TP Enders, a Goldman Sachs veteran of over 20 years, will lead product strategy in a newly created role. With his extensive experience shaping portfolios, he’s positioned to help Lazard expand its investment offerings.
Christopher Bricker, who spent more than three decades at AllianceBernstein, will oversee corporate development and strategic growth. He’ll guide acquisitions, partnerships, and other growth initiatives.
Both additions are part of a broader leadership overhaul under Lazard Asset Management CEO Chris Hogbin.
Since taking charge in December, Hogbin has also hired a former Treasury Department official as the division’s first chief investment officer, a former Morgan Stanley executive as chief operating officer, and a Neuberger Berman veteran as the first head of the AI division.
You see, hiring talent in Wall Street isn’t an easy feat.
Recruiting established executives, bankers, dealmakers, and the staff they need is one thing, but compensating them is another.
In fact, Lazard’s payroll-to-revenue ratio soared to nearly 70% during the first quarter of 2026. For comparison, the industry benchmark sits at 60%.
Remuneration for bankers and executives could cost millions of dollars… but why did Lazard pull the trigger on its hunt for talent?
The simple answer is that investment management is a business whose results are driven primarily by human capital.
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According to Professor Joel Litman, Chairman and CEO of Valens Research and Chief Investment Officer of Altimetry Financial Research:
“Intellectual property and scale don’t matter as much as the professionals who are doing the work.”
This is because success in the investment management field depends on choosing the right investments and building long-lasting client relationships.That makes experienced leadership especially valuable.
An investment manager can shortcut years of development by hiring executives who already understand product strategy and institutional clients.
Lazard’s latest brings years of experience across portfolio oversight, operations, government policy, and AI.
This influx of talent is arriving while Lazard’s investment arm is already seeing momentum.
The unit oversees roughly USD 285 billion in client assets. It recently reported record assets under management and USD 7.4 billion of inflows in the first half of 2026.
Not only was this Lazard’s strongest first half result in almost 20 years, but it was achieved even as clients pulled USD 1.4 billion from the business in May 2026.
Professor Litman says Hogbin wants to build off of that momentum by prioritizing areas where active managers can earn an edge through politics, regulation, and local market knowledge. He also wants to expand Lazard’s presence in fixed income, alternative investments, and wealth management.
Each of those markets requires experienced professionals with deep connections and proven track records.
In short, Lazard is assembling a team that can drive strong results, even if it means footing a huge payroll bill.
Lazard’s talent hunt is also best viewed through the lens of Return Driven Strategy ’s (RDS) 9th tenet: Engage Employees and Others.
According to Professor Litman and Dr. Mark L. Frigo in the book, “Driven”, when hiring talent, it’s important to:
“First determine what types of offerings will be needed and for what customers, followed by hiring the right types of employees and engaging them in ways that promote the building of those offerings.”
Lazard wanted to bolster its investment management arm, that’s why it recruited the talent needed to achieve the business goals and power the growth of that business.
Sure, the firm’s compensation bill grew as a result, but it was a necessary expense, given its growth potential.
This story points to an important lesson: Growing a business requires investing in the right people, even if doing so could potentially cost big amounts of money.
After all, a company is only as good as the talent it hires. Without the right people, a business cannot serve its customers properly, deliver strong returns, scale, and compete against bigger rivals.
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If you’re looking to gain a better understanding of Return Driven Strategy and Career Driven Strategy, we highly recommend checking out “Driven” by Professor Litman and Dr. Frigo.
Click here to get your copy and learn how this framework can help you in your business strategies and ultimately, in ethically maximizing wealth for your firm.
About The Dynamic Marketing Communiqué’s
“Tuesdays: Return Driven Strategy”
In the book, “Driven,” authors Professor Joel Litman and Dr. Mark L. Frigo said that the goal of every long-term successful business strategy should incorporate the combined necessity of “making the world a better place” and “getting wealthy.”
That is why they created Return Driven Strategy and Career Driven Strategy—frameworks that were built to help leaders and professionals plan and evaluate businesses so they can also help others achieve their organizational goals and career goals.
The frameworks describe the plans and actions that drive returns for anyone in an organization such as independent contractors, marketers, brand managers, communicators, and other people in any field. These actions lead to the creation of wealth and value for customers, employees, shareholders, and the society.
Every Tuesday, we’ll highlight case studies, business strategies, tips, and insights related to Return Driven Strategy and Career Driven Strategy.
In planning, building, or managing brands and businesses, these strategies, case studies, and guidelines will help you choose what specific actions to take and when to take them.
Hope you find this week’s topic interesting and helpful.
Stay tuned for next Tuesday’s “Return Driven Strategy!”
Cheers,
Adrian Kyle Vergara
Content Writer
Valens Dynamic Marketing Capabilities
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