Lazard hires Goldman Sachs veteran to boost IPO presence

LAZARD toasted a major coup in its bid to boost its presence in the initial public offering (IPO) market yesterday, after the investment bank said it had hired veteran Goldman Sachs banker Tom Tuft.<br /><br />The group has named Tuft, who advised Lazard on its own IPO in 2005, as chairman of its Global Capital Markets Advisory arm. He helped start its equity capital markets division in 1985.<br /><br />Lazard said Tuft has overseen &ldquo;hundreds of initial public offerings&rdquo;, including the $930m offering of private equity firm Apollo Management and the $5bn listing of rival KKR.<br /><br />&ldquo;I have great respect for Lazard and its people, many of whom I know well, and I consider the firm to have great potential for growth in the capital markets advisory area,&rdquo; said Tuft.<br /><br />Tuft is chairman of the Roundabout Theatre Company, vice president of the trustee board of the Whitney Museum of American Art and sits on the board of the Cancer Research Institute.