Lazard, the independent investment bank preparing for a float, has disclosed for the first time how it plans to fund a $1.6bn (€1.2bn) payout to its capital partners, including chairman Michel David-Weill.

Lazard, being run by chief executive Bruce Wasserstein, disclosed in a filing with the US Securities and Exchange Commission late last night that it has more than doubled its target fund raising to $1.8bn.