Bermuda-domiciled investment bank Lazard Ltd has hired former British Cabinet Minister Peter Mandelson as a senior adviser.Lord Mandelson, who now sits in the House of Lords, held four different Cabinet posts under the governments of Tony Blair and Gordon Brown, the most recent of which was Secretary of State for Business, Enterprise and Regulatory Reform.As a senior adviser, he will As a senior advisor, he will provide independent strategic counsel to the firm and its clients.Lazard, which was established in New Orleans in 1847, has its main advisory operations in New York, London and Paris, but it’s corporate domicile is Bermuda.Kenneth Jacobs, Lazard’s chairman and chief executive officer, said Lord Mandelson had “exceptional experience and acumen in business and public affairs” that would make his advice invaluable to Lazard worldwide.“Lazard is one of the great global advisory firms,” Lord Mandelson said. “I am looking forward to working alongside the Lazard teams in London, Paris, New York and the firm’s other offices, as well as its network of senior advisers. I hope that my experience in supporting trade and investment opportunities across the globe will enable me to offer real value to the business and its clients.”William Rucker, chief executive of Lazard London, said: “Lord Mandelson has a vast knowledge of international business matters and an extraordinary range of contacts in both the commercial and political worlds. As a pure advisory firm, which does not engage in proprietary trading or lending, Lazard is able to provide bespoke, independent advice to a wide range of clients, from sovereigns to corporates. Lord Mandelson brings a unique perspective to the firm, and his insight will be of tremendous benefit to our clients.”Lazard has 2,300 employees worldwide and approximately $143.6 billion is assets under management, as of the end of the third quarter of last year.Lord Mandelson is a member of the House of Lords. He was European Trade Commissioner from 2004 to 2008.Before he entered the UK Parliament he was director of campaigns and communications for the Labour Party between 1985 and 1990. In January 2011 he launched Global Counsel, a strategic advisory firm, of which he is chairman.