A book about the tumultuous evolution of the near 160-year-old Lazard investment bank - which is incorporated in Bermuda - has beat former Fed Reserve chairman Alan Greenspan's The Age of Turbulance to win the 2007 Financial Times and Goldman Sachs Business Book of the Year Award.

William Cohan's high-octane history of "the world's most elite and enigmatic investment bank" is entitled The Last Tycoons and was awarded the £30,000 ($60,000) prize at a gala dinner last night in London.