Jim Armitage: The Government should cast a wider net for banking advisers

Lazard is getting static for yet again landing a lucrative, Government contract — this time it’s the mandate to sell state-owned land around King’s Cross.

Lazard has now been gifted the mandate to sell at least seven of the state-asset sales since the Coalition Government arrived: the Tote, the blood plasma service, two tranches of Lloyds, the Hinkley nuclear-power station contract, and last but not least, the prickly subject of the Royal Mail, sold for — according to MPs on the business select committee — £1 billion less than it was worth.

To be honest, the fees aren’t generally great for Government work, but boy does it look good when you’re pitching for more-lucrative private business.

Lazard old boys are sprinkled throughout Whitehall, but the real issue is the perception that there aren’t enough major specialist advisory shops without conflicts of interest elsewhere in the bank.

Yet they do exist, just ask the Zaoui brothers, Robey Warshaw or Fenchurch Advisory — all dealmakers who left the big, conflict-ridden investment banks.

Whitehall must cast a wider net for the best brains to sell plum assets.