Rohatyn returns to Lazard as special adviser

Felix Rohatyn will return to investment adviser Lazard Ltd., the company said Wednesday.

Rohatyn, 81, was named a special adviser to Lazard Chairman and CEO Kenneth M. Jacobs and will return to the firm where he worked for almost 50 years. He left as a partner and managing director of the firm in 1997 and became the U.S. ambassador to France.

"Felix is a legend in our industry, and I am honored that he is returning to the firm that he helped to create," said Jacobs in a statement.

Perhaps best known as the dealmaker who helped New York City survive its 1970s financial crisis, Rohatyn took on a similar advisory role with Lehman Chairman and CEO Richard Fuld Jr. in 2006. He also served as chairman of Lehman's international advisory committee.

He was a member of the board of governors of the New York Stock Exchange from 1968 to 1972.

Jacobs, 51, was named chairman and CEO of Lazard in November, filling the vacancy created by the death of his predecessor Bruce Wasserstein.

In morning trading, Lazard shares gained 53 cents to $38.03, while the broader market declined.