Collapse of Talks Between "ADQ" and "Lazard"

The Financial Times reported today, Tuesday, that "ADQ," a sovereign fund in Abu Dhabi, "held talks with investment bank Lazard earlier this year to convert it into a private company, but the discussions collapsed with both sides withdrawing from the deal." The paper cited informed sources stating that "meetings were held between Lazard's outgoing CEO Ken Jacobs and the head of ADQ, Sheikh Tahnoun bin Zayed Al Nahyan." Lazard's shares rose 3.4 percent in early trading today, Tuesday. The holding company "ADQ," the third largest sovereign wealth fund in Abu Dhabi, is focused on increasing deal-making in both the UAE and abroad, having hired more bankers over the past two years. Lazard, which reported losses in the first quarter of this year, has warned of uncertain annual forecasts and stated that it will cut about ten percent of its workforce in 2023.