The acquisition of Campbell Lutyens establishes Lazard CL as a third global business unit, focusing on private capital advisory to diversify revenue beyond traditional M&A cycles. Private capital connectivity has expanded from 25% of advisory revenue in 2019 to 40% today, with the new acquisition expected to reach the 2030 target of 50% ahead of schedule. Financial Advisory results were impacted by several large transactions shifting to later in 2026, though management remains optimistic due to a 50% ...