The investment bank Lazard has appointed Patrick McHenry, a former chair of the House Financial Services Committee, as a senior adviser.
McHenry, who is set to join Lazard on Wednesday, will help the bank guide clients through the growing complexities where business, politics and global markets converge, using the knowledge gained during his tenure in Washington, the company said Friday.
“In today’s evolving landscape, geopolitical dynamics and their broader implications undeniably factor into business decision-making,” Peter Orszag, Lazard’s CEO, said in a statement. “Patrick’s deep policy expertise and distinguished tenure in Washington will be invaluable to our clients, and we are excited to welcome Patrick to Lazard as one of our world-class Senior Advisors.”
McHenry will advise on public policy, financial services, fintech and matters related to artificial intelligence. The North Carolina Republican served in the House for 20 years, leaving office in January. He led the financial services panel in his last two years in Congress, after serving four years as the committee’s ranking member.
“It is an honor to join a firm as well respected and prestigious as Lazard,” McHenry said in a statement Friday. “Their reputation for delivering prescient insights with global perspective is unparalleled. I look forward to helping advise clients and to supporting the firm’s long-term goals.”
In December 2023, McHenry declared his plans to retire from Congress. Since stepping down, he has been advising venture capital firm Andreessen Horowitz and payments company Stripe, according to The Wall Street Journal.
McHenry has been known for his support for crypto. He backed legislation that would give crypto trading platforms a more favorable set of rules than the existing ones. 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, CoinDesk reported in October.
The move will help Lazard launch a tokenized “fund of funds” that would give retail investors access to previously institutional-only global and emerging market equity funds, Managing Director Matthias Kruse told the publication.
Lazard made some changes in its executive ranks in the last couple of years. Lazard tapped Ray McGuire, a former Citi vice chairman, as its president in April 2023. McGuire oversees strengthening relationships with senior clients, attracting talent, and expanding Lazard’s global reach.
In November, it appointed former PayPal CEO Dan Schulman as lead independent director.
After joining Lazard, McGuire was reunited with Orszag, a former dealmaker at Citi. Before joining Lazard in October 2023, Orszag said in a memo that he aimed to double earnings by 2030. He planned to boost performance in the firm’s investment banking and asset management businesses.
Lazard reported roughly $227.4 billion in assets under management as of March 31. It reported a 28% jump in financial advisory revenue in 2024, with a 3% increase in asset management revenue. Orszag cited improved business conditions and strategic momentum, while expressing optimism for both divisions in 2025.
“We anticipate an even more constructive environment for both of our businesses in 2025, as we remain focused on helping our clients successfully navigate complex business and investment decisions,” Orszag said in a statement in January.
