2023 marked an inflection point for Lazard in a number of ways, as we celebrated our past while embracing our future. During the year, we commemorated our 175th anniversary, honored Ken Jacobs, who transitioned to Executive Chairman on October 1, and shared our vision for Lazard 2030. As we embark on our next phase, let me share my appreciation for Ken, who is one of the world's premier bankers and continues to focus on advising clients in his new role, and my thanks to our board of directors. It is my privilege to serve as Lazard's CEO, and I am honored to lead this distinguished firm during our next chapter.
In September, we shared our future vision of Lazard 2030: To build on our storied history, aim higher together, and further increase our relevance for clients across the world. Our goals are to double firmwide revenue by 2030 and deliver an average annual shareholder return of between 10 and 15 percent, by achieving high-productivity growth in Financial Advisory while diversifying and strengthening our Asset Management business. Our people are motivated to aim high, focused on delivering unique, innovative solutions for our clients while performing strongly as markets recover.
In addition to our continued evolution as a firm, we also view 2023 as a broader turning point. Firmwide operating revenue for the full year 2023 declined 12 percent to total $2.4 billion, primarily reflecting the overall slowdown in M&A activity. However, operating revenue for the fourth quarter of 2023 was up 13 percent compared to the fourth quarter one year ago, demonstrating an inflection in client activity and early successes as we execute on our longer-term growth plans.
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Lazard, Inc. is a financial advisory and asset management company. The Financial Advisory segment offers corporate, partnership, institutional, government, sovereign and individual clients across the globe an array of financial advisory services regarding strategic and mergers and acquisitions (M&A) advisory, capital markets advisory, shareholder advisory, restructuring and capital solutions, sovereign advisory, geopolitical advisory, and other strategic advisory matters and capital raising and placement. The Asset Management segment offers a range of global investment solutions and investment and wealth management services in equity and fixed income strategies, asset allocation strategies, alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries and private clients. The Company operates in North and South America, Europe, Asia and Australia.
LAZARD, INC. 
