Lazard in Paris has hit back against a number of recent senior departures with the appointment of Gilles Laporte, the former number two at Groupama, the French insurance giant, to head its direct investment unit.

Laporte, 51, will join Fonds Partenaires, the principal investment arm of Lazard, where he will work alongside Jerome Balladur, son of Edouard Balladur, the former French prime minister. He will report to Gilles Etrillard, a managing partner at Lazard in Paris who oversees the Fonds Partenaires operation.