#AbuDhabi’s ADQ wealth fund held talks to acquire Lazard | Financial Times

Abu Dhabi’s ADQ wealth fund held talks to acquire Lazard | Financial Times

Abu Dhabi’s sovereign wealth fund ADQ held detailed talks to take Wall Street investment bank Lazard private, in a move that underlined the oil-rich emirate’s ambitions to acquire a western financial services company. 

The talks were held this year between Lazard, led by outgoing chief executive Ken Jacobs, and ADQ, led by Sheikh Tahnoon bin Zayed al-Nahyan, the fund’s chair and Abu Dhabi’s powerful national security adviser, said people with direct knowledge of the matter. 

Negotiations fell apart after both sides walked away from a deal. Lazard, which is best known for its advisory business in Paris, New York and London, had been focused on maintaining operating independence, one person added. 

Lazard said: “As you’d expect, we talk to people all the time but we don’t comment on speculation.” ADQ declined to comment.