Financial services panel chair departs to join Lazard firm
Lazard Appoints Former Congressman Patrick McHenry as Senior Adviser
Investment bank Lazard has announced the appointment of former Congressman Patrick McHenry as a Senior Adviser, effective from Wednesday [1]. McHenry, who served in the House of Representatives for 20 years, will provide strategic counsel on policy, regulatory issues, and government relations, helping Lazard navigate complex financial and political environments.
As a key figure in the financial sector, McHenry is well-known for his extensive knowledge of financial regulation and legislative experience. During his tenure in Congress, he chaired the House Financial Services Committee for the last two years, where he backed legislation that would give crypto trading platforms a more favorable set of rules. Since stepping down from Congress, he has been advising venture capital firm Andreessen Horowitz and payments company Stripe.
McHenry's appointment comes at a time when Lazard is looking to boost its performance in investment banking and asset management businesses. Peter Orszag, Lazard's CEO, stated that McHenry's deep policy expertise and tenure in Washington will be invaluable to Lazard's clients, helping them guide through the complexities of business, politics, and global markets.
Orszag also aims to double Lazard's earnings by 2030, and to achieve this, he has appointed Ray McGuire as the bank's president in April 2023. McGuire, who previously served as a vice chairman at Citi, will oversee strengthening relationships with senior clients, attracting talent, and expanding Lazard's global reach.
In addition to McHenry's appointment, Lazard has also appointed Dan Schulman as lead independent director in November 2023. Schulman, who was previously the CEO of PayPal, will bring his extensive experience in the financial services industry to the table.
Lazard has been one of the top players to enter the asset tokenization space, aiming to create tokenized funds in collaboration with Bitfinex Securities and SkyBridge Invest. The bank reported a 28% jump in financial advisory revenue in 2024, and its asset management revenue increased by 3%.
Patrick McHenry is set to join Lazard on Wednesday, and his expertise is expected to be a valuable asset to the bank as it continues to grow and navigate the complex financial landscape.
[1] Source: Lazard press release, dated March 2024.
McHenry's extensive knowledge of financial regulation, accumulated during his tenure in Congress and his subsequent work with Andreessen Horowitz and Stripe, will be instrumental in Lazard's pursuit of boosting its performance in the investment banking and asset management businesses. With technology increasingly shaping the finance and business sectors, McHenry's familiarity with regulatory issues surrounding emerging industries, such as crypto trading platforms, will also prove beneficial for Lazard as it ventures into new business territories.
