The deal follows a strategic alliance between the two companies to offer a range of C-suite and board-level services in addition to traditional investment banking.
Additionally, Lazard will act as the exclusive partner on IPA’s M&A initiatives.
Lazard Financial Advisory CEO Peter Orszag said: “IPA brings a new look and feel, and level of perspective and professionalism to Wall Street that fits well with our continuing evolution in modernizing our firm, while providing a broad array of services to clients, supporting diversity and creating commercial opportunities and adjacent businesses.”
As part of the alliance, IPA will offer clients a new approach to investment banking services, complementing Lazard’s M&A, Restructuring and Capital Markets Advisory businesses.
Wolff added: “Lazard is a preeminent investment bank, and has the right leadership, culture and forward-thinking approach to business that make it a perfect match for us.
“I look forward to working with our colleagues at Lazard to widen the aperture of traditional investment banking and bring clients an unparalleled combination of diverse experience and authentic perspectives.”
Prior to founding IPA, Wolff served senior roles at investment banks including Bank of America, JP Morgan and Citigroup.
Recently, a report by Bloomberg said that Lazard was discussions to buy hedge fund firm Brigade Capital Management to accelerate its expansion into the credit segment.
New York-headquartered Brigade, led by Don Morgan, is said to manage $30bn in assets.