Early this year Carnegie Wylie, Australia’s leading independent financial advisory firm, had acquired a 90% ownership in D&B Australia (BIIA Newsletter 04 – 07 Page 3). In July this year Carnegie Wylie was acquired by Lazard Ltd (NYSE: LAZ). Charles G. Ward III, President of Lazard stated: Acquiring Carnegie Wylie will allow us to bring Australia’s top banking talent into the Lazard fold, to build on our existing Australian business faster, inherit an established presence and premier brand in Melbourne, Sydney and Brisbane, and strengthen our access in the important Asia Pacific region.” John Wylie commented: “It is a compelling combination. With Lazard we preserve our integrity and maintain an independent business model, which has proved successful with clients. Now we can deliver an international network.” Source: Company Press Release
D&B Australia Quo Vadis? Ownership changes tend to signal changes in strategic directions. Whether Lazard has the same objectives as Carnegie Wylie has yet to be seen. Nevertheless prospects for D&B Australia seem to be excellent as a result of the changes in Australian privacy laws.