Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Lazard’s Parr Says Alternative Asset Managers Will Make Markets

Lazard Ltd. Vice Chairman Gary Parr said alternative asset managers will “make markets” as capital requirements and proprietary-trading regulations curb risk-taking at the biggest U.S. banks.

“Alternative asset managers will be a huge growth area,” Parr said today in an interview with Deirdre Bolton on Bloomberg Television. “They will use capital to make markets.”

The largest U.S. banks are grappling with the Volcker rule, named for former Federal Reserve Chairman Paul Volcker, which will regulate banks’ stand-alone proprietary-trading desks and trading for their own accounts conducted elsewhere in the companies.

The new restrictions, along with tougher capital requirements, will force banks to cut back on risk-taking, pushing business elsewhere, Parr said.

“There is a lot of risk moving into rather unregulated areas,” Parr said. “You can almost predict when cycles happen and accidents happen. In the next five or seven years, that is where more risk will be that is not as closely regulated.”

Capital requirements will cut return on equity at the largest banks, Parr said. Firms that previously posted 18 percent or 19 percent return on equity will now see figures around 15 percent, he said. Goldman Sachs Group Inc. previously had “really good years of 30 percent,” he said. “I do not think we will see that happen again.”

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.