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Wikipedia

Lazard

April 13, 2024

For other uses, see Lazard (disambiguation).

Lazard Inc. (formerly known as Lazard Ltd and Lazard Frères & Co.) is a financial advisory and asset management firm that engages in investment banking, asset management and other financial services, primarily with institutional clients. It is the world's largest independent investment bank, with principal executive offices in New York City, Paris and London.[2]

Lazard Inc.
Head office at 30 Rockefeller Plaza
Formerly
  • Lazard Ltd
  • Lazard Frères & Co.
Company typePublic
IndustryFinancial services
FoundedJuly 12, 1848; 175 years ago (1848-07-12)
New Orleans, Louisiana, U.S.
Founders
Headquarters
Key people
Products
Revenue US$2.59 billion (2023)
US$−80 million (2023)
US$−57 million (2023)
AUM US$216 billion (2023)
Total assets US$4.64 billion (2023)
Total equity US$424 million (2023)
Number of employees
3,291 (2023)
Websitelazard.com
Footnotes / references
[1]

Lazard was founded in 1848 and operates from 41 cities across 26 countries in North America, Europe, Asia, Australia, and Central and South America.[3] The firm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments and individuals.[3]

History edit

Early years edit

On July 12, 1848, three brothers, Alexandre Lazard, Lazare Lazard, and Simon Lazard, founded Lazard Frères & Co. as a dry goods merchant store in New Orleans, Louisiana. By 1851, Simon and two more brothers, Maurice and Elie, had all moved to San Francisco, California, while Alexandre moved to New York. Lazard Frères began to serve miners engaged in the California Gold Rush, and soon expanded into banking and foreign exchange.[4]

In 1854, Alexandre Lazard moved to Paris, France, where he opened an office to complement the U.S. business. The firm began advising the French government on gold buying. In 1870, the firm continued to expand its international operations, opening an office in London as well.[4]

The name "Lazard Frères" means "Lazard Brothers" or "the Brothers Lazard" in French. It refers to associations of the Lazard brothers to form various financial services institutions with world-wide offices and investments.

The Three Houses of Lazard edit

In the late 1800s and early 1900s, the firm evolved into three “Houses of Lazard” in the United States, France, and the United Kingdom, separately managed but allied. The Lazard partners advised clients on financial matters and built a cross-border network of high-level relationships in business and government. Noted financial advisor George Blumenthal rose to prominence as the head of the U.S. branch of Lazard Frères and was a partner of Lazard Frères in France.[4]

In the economic boom following World War II, the American operations of Lazard expanded significantly under the leadership of the financier André Meyer. Meyer and Lazard partner Felix Rohatyn have been credited with virtually inventing the modern mergers and acquisitions (M&A) market.[5]

In 1953, Lazard Investors Ltd began an asset management business in London, which is the origin of today's Lazard Asset Management.[6]

A unified firm edit

In 1977, as the health of Meyer began to deteriorate, the firm came to be controlled by Michel David-Weill. Under his leadership, the three houses of Lazard were formally united in 2000 as Lazard LLC.[7]

In 2002, David-Weill hired Bruce Wasserstein to be CEO. Lazard became a public company in 2005, with nearly two-thirds of its shares owned by current and former employees. Wasserstein became its first Chairman and CEO. In connection with the initial public offering (IPO), Lazard spun off its broker-dealer business, Lazard Capital Markets.[5]

Following Wasserstein's death in 2009, Lazard's Board of Directors elected Kenneth M. Jacobs as Chairman and CEO.[8]

Lazard invested in a startup investment bank, Independence Point Advisors, in late 2021.[9][10]

On May 26, 2023, the firm announced that Peter R. Orszag, CEO of Financial Advisory, had been unanimously elected by its Board to serve as CEO of Lazard and as a Board Director, effective October 1, 2023.[11] Orszag became Chief Executive Officer of Lazard on October 1, 2023.[12]

The publicly traded partnership Lazard Ltd converted to a U.S. C-Corporation effective January 1, 2024 and changed its name from Lazard Ltd to Lazard, Inc..[13]

Business overview edit

Financial advisory edit

Lazard advises clients on a wide range of strategic and financial issues. These may include advising on the potential acquisition of another company, business or certain assets, or on the sale of certain businesses, assets or an entire company. The firm also advises on alternatives to a sale such as recapitalizations, spin-offs, carve-outs and split-offs. For companies in financial distress or their creditors, Lazard advises on all aspects of restructuring. The firm has advised on many of the largest restructuring assignments in the wake of the global financial crisis that began in mid-2007.[14] Lazard also advises on capital structure and capital raising. Capital structure advice includes reviewing and analyzing structural alternatives and assisting in long-term planning. Capital raising advice includes private and public market financing. Lazard's Sovereign Advisory group advises governments and sovereign entities on policy and financial issues.[15]

Asset management edit

Lazard's asset management business provides investment management and financial advisory services to institutional clients, financial intermediaries, private clients, and investment vehicles around the world. The firm manages assets on behalf of institutional clients (corporations, labor unions, public pension funds, endowments, foundations, insurance companies, and banks; and through sub-advisory relationships, mutual fund sponsors, broker-dealers and registered advisors) and individual clients (principally family offices and high-net-worth individuals).[3]

Office locations edit

The bank operates[3] from 42 cities across 26 countries.[citation needed]

In Paris, the Lazard offices were located successively at 17, boulevard Poissonnière (1885-1907);[4] 5-7, rue Pillet-Will (1907-1979);[4] 141, boulevard Haussmann (1979-2020);[16] and 175, boulevard Haussmann (since September 2020).[17]

Lazard's New York City headquarters spans the top floors of 30 Rockefeller Plaza,[18] including what used to be Room 5600, the former offices of the Rockefeller family dynasty.[19]

  •  
    17, boulevard Poissonnière, Paris
  •  
    5-7, rue Pillet-Will, Paris
  •  
    121, boulevard Haussmann, Paris
  •  
    175, boulevard Haussmann, Paris

Management edit

Past chairmen edit

Board of directors edit

Lazard's board of directors[20] as of October 2023:[citation needed]

Notable current and former employees edit

Business edit

Politics and public service edit

Other edit

Books edit

  • de Rougemont, Guy D. (2010). Lazard Frères: Banquiers des Deux Mondes (1840-1939). Paris: Fayard. ISBN 978-2-213-66125-4.
  • Cohan, William D. (2007). The Last Tycoons: The Secret History of Lazard Frères & Co. New York: Doubleday. ISBN 978-0-385-51451-4.
  • Geisst, Charles R (2001). The Last Partnerships: Inside the Great Wall Street Money Dynasties. New York: McGraw-Hill. ISBN 0-07-136999-6.
  • Reich, Cary (1983). Financier: The Biography of André Meyer: A Story of Money, Power, and the Reshaping of American Business. New York: William Morrow & Co. ISBN 0-688-01551-4.

See also edit

References edit

  1. ^ "Lazard Inc. Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 23 February 2024.
  2. ^ Indap, Sujeet; Massoudi, Arash; Fontanella-Khan, James (September 8, 2015). "Investment banking: Walking away from Wall Street". Financial Times.
  3. ^ a b c d "Lazard Ltd Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 28 February 2022. Retrieved 12 April 2022.
  4. ^ a b c d e Guy de Rougemont, Lazard Frères, Banquiers des Deux Mondes (1840-1939), Librairie Arthème Fayard, 2010
  5. ^ a b (PDF). Archived from the original (PDF) on May 9, 2013. Retrieved July 29, 2013.
  6. ^ "Lazard website - About Lazard". Retrieved July 26, 2013.
  7. ^ William Cohan, Last Tycoons: The Secret History of Lazard Frères & Co, Doubleday, 2007
  8. ^ "Lazard Names Kenneth Jacobs as Its New Chief". The New York Times. November 17, 2009.
  9. ^ Schatzker, Erik (22 November 2021). "Lazard Backs Wall Street Diversity With 'Salomon Sisters' Stake". www.bloomberg.com. Retrieved 22 November 2021.
  10. ^ Schatzker, Erik; Natarajan, Sridhar; Baker, Liana (24 September 2021). "'Salomon Sisters' Is Coming to Wall Street, Backed by Lazard". Retrieved 22 November 2021.
  11. ^ "Lazard Appoints Peter R. Orszag as CEO and Kenneth M. Jacobs as Executive Chairman". Lazard.com. May 26, 2023.
  12. ^ Hirsch, Lauren (May 26, 2023). "Lazard Names Peter Orszag to Succeed Ken Jacobs as C.E.O." The New York Times. Retrieved 1 October 2023.
  13. ^ "Lazard Ltd Completes Conversion to a U.S. C-Corporation and is Renamed Lazard, Inc". Lazard.com. Retrieved 2024-01-27.
  14. ^ McCracken, Jeffrey (January 14, 2012). "Lazard Appoints Kurtz Restructuring Chief After Ridings, Savage". Bloomberg.
  15. ^ . Archived from the original on April 29, 2014. Retrieved March 17, 2014.
  16. ^ Alessandro Giacone (2015), Jean Guyot : Un financier humaniste, CNRS Editions
  17. ^ "Lazard Inaugurates its New Investment Banking Office in Paris" (PDF). Lazard. 10 September 2010.
  18. ^ "Lazard Takes More of 30 Rock". observer.com. 15 March 2011.
  19. ^ Makarechi, Kia (24 November 2014). "Rockefeller Family Leaving 30 Rockefeller Center for the First Time". The Hive.
  20. ^ "Lazard Leadership". Lazard. Retrieved 5 May 2022.
  21. ^ Walton, Mark (June 6, 2000). . Colin Churcher's Railway Pages. Archived from the original on January 18, 2012.

External links edit

  • Official website
  • Lazard Asset Management
  • Business data for Lazard Inc.:
    • Google
    • SEC filings
    • Yahoo!

April 13, 2024
lazard, other, uses, disambiguation, formerly, known, frères, financial, advisory, asset, management, firm, that, engages, investment, banking, asset, management, other, financial, services, primarily, with, institutional, clients, world, largest, independent,. For other uses see Lazard disambiguation Lazard Inc formerly known as Lazard Ltd and Lazard Freres amp Co is a financial advisory and asset management firm that engages in investment banking asset management and other financial services primarily with institutional clients It is the world s largest independent investment bank with principal executive offices in New York City Paris and London 2 Lazard Inc Head office at 30 Rockefeller PlazaFormerlyLazard LtdLazard Freres amp Co Company typePublicTraded asNYSE LAZ Class A Russell 1000 componentIndustryFinancial servicesFoundedJuly 12 1848 175 years ago 1848 07 12 New Orleans Louisiana U S FoundersAlexandre LazardLazare LazardSimon LazardHeadquartersHamilton Bermuda incorporation 30 Rockefeller Plaza New York City U S operational Key peopleKenneth M Jacobs executive chairman Peter R Orszag CEO ProductsFinancial servicesInvestment bankingInvestment managementRevenueUS 2 59 billion 2023 Operating incomeUS 80 million 2023 Net incomeUS 57 million 2023 AUMUS 216 billion 2023 Total assetsUS 4 64 billion 2023 Total equityUS 424 million 2023 Number of employees3 291 2023 Websitelazard wbr comFootnotes references 1 Lazard was founded in 1848 and operates from 41 cities across 26 countries in North America Europe Asia Australia and Central and South America 3 The firm provides advice on mergers and acquisitions strategic matters restructuring and capital structure capital raising and corporate finance as well as asset management services to corporations partnerships institutions governments and individuals 3 Contents 1 History 1 1 Early years 1 2 The Three Houses of Lazard 1 3 A unified firm 2 Business overview 2 1 Financial advisory 2 2 Asset management 3 Office locations 4 Management 4 1 Past chairmen 4 2 Board of directors 5 Notable current and former employees 5 1 Business 5 2 Politics and public service 5 3 Other 6 Books 7 See also 8 References 9 External linksHistory editEarly years edit On July 12 1848 three brothers Alexandre Lazard Lazare Lazard and Simon Lazard founded Lazard Freres amp Co as a dry goods merchant store in New Orleans Louisiana By 1851 Simon and two more brothers Maurice and Elie had all moved to San Francisco California while Alexandre moved to New York Lazard Freres began to serve miners engaged in the California Gold Rush and soon expanded into banking and foreign exchange 4 In 1854 Alexandre Lazard moved to Paris France where he opened an office to complement the U S business The firm began advising the French government on gold buying In 1870 the firm continued to expand its international operations opening an office in London as well 4 The name Lazard Freres means Lazard Brothers or the Brothers Lazard in French It refers to associations of the Lazard brothers to form various financial services institutions with world wide offices and investments The Three Houses of Lazard edit In the late 1800s and early 1900s the firm evolved into three Houses of Lazard in the United States France and the United Kingdom separately managed but allied The Lazard partners advised clients on financial matters and built a cross border network of high level relationships in business and government Noted financial advisor George Blumenthal rose to prominence as the head of the U S branch of Lazard Freres and was a partner of Lazard Freres in France 4 In the economic boom following World War II the American operations of Lazard expanded significantly under the leadership of the financier Andre Meyer Meyer and Lazard partner Felix Rohatyn have been credited with virtually inventing the modern mergers and acquisitions M amp A market 5 In 1953 Lazard Investors Ltd began an asset management business in London which is the origin of today s Lazard Asset Management 6 A unified firm edit In 1977 as the health of Meyer began to deteriorate the firm came to be controlled by Michel David Weill Under his leadership the three houses of Lazard were formally united in 2000 as Lazard LLC 7 In 2002 David Weill hired Bruce Wasserstein to be CEO Lazard became a public company in 2005 with nearly two thirds of its shares owned by current and former employees Wasserstein became its first Chairman and CEO In connection with the initial public offering IPO Lazard spun off its broker dealer business Lazard Capital Markets 5 Following Wasserstein s death in 2009 Lazard s Board of Directors elected Kenneth M Jacobs as Chairman and CEO 8 Lazard invested in a startup investment bank Independence Point Advisors in late 2021 9 10 On May 26 2023 the firm announced that Peter R Orszag CEO of Financial Advisory had been unanimously elected by its Board to serve as CEO of Lazard and as a Board Director effective October 1 2023 11 Orszag became Chief Executive Officer of Lazard on October 1 2023 12 The publicly traded partnership Lazard Ltd converted to a U S C Corporation effective January 1 2024 and changed its name from Lazard Ltd to Lazard Inc 13 Business overview editFinancial advisory edit Lazard advises clients on a wide range of strategic and financial issues These may include advising on the potential acquisition of another company business or certain assets or on the sale of certain businesses assets or an entire company The firm also advises on alternatives to a sale such as recapitalizations spin offs carve outs and split offs For companies in financial distress or their creditors Lazard advises on all aspects of restructuring The firm has advised on many of the largest restructuring assignments in the wake of the global financial crisis that began in mid 2007 14 Lazard also advises on capital structure and capital raising Capital structure advice includes reviewing and analyzing structural alternatives and assisting in long term planning Capital raising advice includes private and public market financing Lazard s Sovereign Advisory group advises governments and sovereign entities on policy and financial issues 15 Asset management edit Lazard s asset management business provides investment management and financial advisory services to institutional clients financial intermediaries private clients and investment vehicles around the world The firm manages assets on behalf of institutional clients corporations labor unions public pension funds endowments foundations insurance companies and banks and through sub advisory relationships mutual fund sponsors broker dealers and registered advisors and individual clients principally family offices and high net worth individuals 3 Office locations editThe bank operates 3 from 42 cities across 26 countries citation needed nbsp Amsterdam nbsp Beijing nbsp Brussels nbsp Bogota nbsp Bordeaux nbsp Boston nbsp Buenos Aires nbsp Charlotte nbsp Chicago nbsp Dubai nbsp Dublin nbsp Frankfurt nbsp Hamburg nbsp Munich nbsp Hong Kong nbsp Houston nbsp London nbsp Los Angeles nbsp Luxembourg nbsp Lyon nbsp Manama nbsp Madrid nbsp Melbourne nbsp Mexico City nbsp Milan nbsp Minneapolis nbsp Montreal nbsp Nantes nbsp New York City nbsp Panama City nbsp Paris nbsp Riyadh nbsp San Francisco nbsp Sao Paulo nbsp Santiago nbsp Seoul nbsp Singapore nbsp Stockholm nbsp Sydney nbsp Tokyo nbsp Zurich In Paris the Lazard offices were located successively at 17 boulevard Poissonniere 1885 1907 4 5 7 rue Pillet Will 1907 1979 4 141 boulevard Haussmann 1979 2020 16 and 175 boulevard Haussmann since September 2020 17 Lazard s New York City headquarters spans the top floors of 30 Rockefeller Plaza 18 including what used to be Room 5600 the former offices of the Rockefeller family dynasty 19 nbsp 17 boulevard Poissonniere Paris nbsp 5 7 rue Pillet Will Paris nbsp 121 boulevard Haussmann Paris nbsp 175 boulevard Haussmann ParisManagement editPast chairmen edit Alexandre Lazard Lazare Lazard and Simon Lazard founders Alexandre Weill David David Weill Pierre David Weill Andre Meyer Michel David Weill Ken Costa Bruce WassersteinBoard of directors edit Lazard s board of directors 20 as of October 2023 citation needed Kenneth M Jacobs Peter R Orszag Andrew Alper Ann Kristin Achleitner Michelle Jarrard Iris Knobloch Jane Mendillo Richard ParsonsNotable current and former employees editBusiness edit Frank Altschul Chairman General American Investors Company Marcus Agius Chairman of Barclays Robert Agostinelli Founder and Chairman of Rhone Group Tim Collins Founder and CEO of Ripplewood Holdings Disque Deane Chairman of Starrett City Associates Mina Gerowin Managing Director Paulson Europe LLC Sir Philip Hampton Chairman of Royal Bank of Scotland Former Chairman of Sainsbury s and UK Financial Investments Limited Hugh Kindersley 2nd Baron Kindersley Chairman of Lazard Brothers London 1953 1964 Sebastian Kulczyk son of Jan Kulczyk Board member of Kulczyk Investments Steven Langman Founder amp Chairman of Rhone Group Jean Marie Messier Chairman amp CEO of Vivendi 1996 2002 Andre Meyer Famed American investment banker advisor to Kennedy family President Lyndon Johnson Archie Norman Chairman ITV Former Chairman amp CEO of Asda Nelson Obus Co founder of Wynnefield Capital Gary Parr American investment banker Former Head of M amp A at Morgan Stanley Mark Pincus Internet entrepreneur Co founder of Zynga Steven Rattner Venture capitalist Co Founder of Quadrangle Group Gerald Rosenfeld Former CEO Rothschild North America Adjunct Professor at NYU Stern Nathaniel Rothschild 5th Baron Rothschild Co Chairman of Atticus Capital LLC Bernard Selz American fund manager and philanthropist William von Mueffling former head of Lazard s hedge fund unit President of Cantillon Capital Management Bruce Wasserstein American investment banker Co Founder of Wasserstein Perella Johann Rupert South African businessman CEO of Compagnie Financiere Richemont Lars Kroijer M amp A Analyst Politics and public service edit Jaime Bermudez Merizalde Former Colombian Minister of Foreign Affairs Ron Bloom Senior official in the Obama Administration Robert Henry Brand 1st Baron Brand a member of Milner s Kindergarten Robert Fred Ellsworth Former U S Congressman U S Ambassador to NATO Deputy Secretary of Defense and Nixon adviser Vernon E Jordan Jr Clinton adviser Life member of the Council of Foreign Relations Paul Keating Former Prime Minister of Australia Robert Kindersley 1st Baron Kindersley British public servant Anne Lauvergeon Former diplomatic council to French President Francois Mitterrand CEO Areva Lord Mandelson British politician held Cabinet positions under both Tony Blair and Gordon Brown Henrique de Campos Meirelles Former president Banco Central do Brasil Andrew Mitchell British Member of Parliament former Secretary of State for International Development Peter R Orszag Former OMB Director former CBO Director Vincent S Perez Philippine Secretary of Energy Rodrigo de Rato Former Spanish Economy Minister Head of International Monetary Fund Felix Rohatyn U S Ambassador to France 1997 2000 board member New York Stock Exchange 1968 1972 Jenny Sanford Former First Lady of South Carolina Simon Sebag Montefiore British historian and writer Lindsay Tanner Former Australian Minister for Finance and Deregulation Andres Velasco Former Finance Minister of Chile Antonio Weiss Counselor to the Secretary of the US Treasury Bill White Former mayor of Houston 3 terms and U S Deputy Secretary of Energy under President Bill Clinton Frank G Zarb FEA energy czar under President Gerald Ford former chairman and CEO NASDAQ then Smith Barney Bozidar Đelic Former Minister of Finance of Serbia Ngozi Okonjo Iweala Director General of the World Trade Organization former Finance Minister of Nigeria former Vice President Corporate Secretary of the World Bank Group Gilles Mentre Former advisor to President Nicolas Sarkozy Other edit George J Ames philanthropist former general partner of Lazard Paul Baerwald banker and philanthropist Chairman of the American Jewish Joint Distribution Committee William D Cohan Contributing editor at Fortune Award winning authorBooks editde Rougemont Guy D 2010 Lazard Freres Banquiers des Deux Mondes 1840 1939 Paris Fayard ISBN 978 2 213 66125 4 Cohan William D 2007 The Last Tycoons The Secret History of Lazard Freres amp Co New York Doubleday ISBN 978 0 385 51451 4 Geisst Charles R 2001 The Last Partnerships Inside the Great Wall Street Money Dynasties New York McGraw Hill ISBN 0 07 136999 6 Reich Cary 1983 Financier The Biography of Andre Meyer A Story of Money Power and the Reshaping of American Business New York William Morrow amp Co ISBN 0 688 01551 4 See also editList of investment banks Boutique investment bank Lazard Station in Montreal was built in 1918 and believed to be named in their honor as the firm was responsible for financing the Mont Royal Tunnel 21 Renamed in 1926 as Val Royal and demolished in 1995 References edit Lazard Inc Annual Report Form 10 K U S Securities and Exchange Commission 23 February 2024 Indap Sujeet Massoudi Arash Fontanella Khan James September 8 2015 Investment banking Walking away from Wall Street Financial Times a b c d Lazard Ltd Annual Report Form 10 K U S Securities and Exchange Commission 28 February 2022 Retrieved 12 April 2022 a b c d e Guy de Rougemont Lazard Freres Banquiers des Deux Mondes 1840 1939 Librairie Artheme Fayard 2010 a b Institutional Investor International Edition November 2011 The New House of Lazard PDF Archived from the original PDF on May 9 2013 Retrieved July 29 2013 Lazard website About Lazard Retrieved July 26 2013 William Cohan Last Tycoons The Secret History of Lazard Freres amp Co Doubleday 2007 Lazard Names Kenneth Jacobs as Its New Chief The New York Times November 17 2009 Schatzker Erik 22 November 2021 Lazard Backs Wall Street Diversity With Salomon Sisters Stake www bloomberg com Retrieved 22 November 2021 Schatzker Erik Natarajan Sridhar Baker Liana 24 September 2021 Salomon Sisters Is Coming to Wall Street Backed by Lazard Retrieved 22 November 2021 Lazard Appoints Peter R Orszag as CEO and Kenneth M Jacobs as Executive Chairman Lazard com May 26 2023 Hirsch Lauren May 26 2023 Lazard Names Peter Orszag to Succeed Ken Jacobs as C E O The New York Times Retrieved 1 October 2023 Lazard Ltd Completes Conversion to a U S C Corporation and is Renamed Lazard Inc Lazard com Retrieved 2024 01 27 McCracken Jeffrey January 14 2012 Lazard Appoints Kurtz Restructuring Chief After Ridings Savage Bloomberg Lazard Reports 2013 fourth quarter earnings Archived from the original on April 29 2014 Retrieved March 17 2014 Alessandro Giacone 2015 Jean Guyot Un financier humaniste CNRS Editions Lazard Inaugurates its New Investment Banking Office in Paris PDF Lazard 10 September 2010 Lazard Takes More of 30 Rock observer com 15 March 2011 Makarechi Kia 24 November 2014 Rockefeller Family Leaving 30 Rockefeller Center for the First Time The Hive Lazard Leadership Lazard Retrieved 5 May 2022 Walton Mark June 6 2000 The Mount Royal Tunnel Electrification Colin Churcher s Railway Pages Archived from the original on January 18 2012 External links editOfficial website Lazard Asset Management Business data for Lazard Inc GoogleSEC filingsYahoo Retrieved from https en wikipedia org w index php title Lazard amp oldid 1211410930, wikipedia, wiki, book, books, library,

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