Lazard Reports April 2024 Assets Under Management

Rhea-AI Summary

Lazard, Inc. (NYSE: LAZ) reported its April 2024 Assets Under Management (AUM) at approximately $240.8 billion, with market depreciation of $4.4 billion, net outflows of $3.6 billion, and foreign exchange depreciation of $1.6 billion. The breakdown shows Equity at $187,582 million, Fixed Income at $45,399 million, and Other at $7,824 million.

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Insights

Financial Analyst

The recent disclosure of Lazard's Assets Under Management (AUM) presents a mixed signal for investors. A dip in AUM to $240.8 billion from $250.4 billion the previous month suggests several underlying factors at play. Market depreciation contributing to a $4.4 billion loss is indicative of broader market trends that may affect asset managers across the board. Additionally, net outflows of $3.6 billion raise concerns about client retention and fund performance. However, it's essential to consider that such fluctuations can be cyclical and may not necessarily reflect the company's operational competencies. The foreign exchange depreciation of $1.6 billion also factors into the AUM decrease, underscoring the impact of global currency movements on multinational firms. This news presents a cautionary note to stakeholders, signaling potential challenges in portfolio management and growth strategies. It is paramount for investors to monitor subsequent AUM reports and quarterly earnings to gauge whether this is a temporary setback or part of a longer-term trend.

Market Research Analyst

Lazard's reported decrease in AUM may seem disconcerting, but it's important to put this in the context of industry benchmarks and current economic climate. A 3.8% month-over-month decline in AUM is not uncommon in the asset management sector, particularly during periods of market volatility. Key points for investors include analyzing the sectors and asset classes contributing to the declines in equity and fixed income allocations. The reporting period's decrease also prompts a closer inspection of Lazard's investment strategies, risk management protocols and the broader economic indicators at that time. Pinpointing the cause of underperformance relative to peers could shed light on whether Lazard's AUM dip is symptomatic of broader market trends or if it's more reflective of company-specific issues. Long-term investors might be less perturbed by these fluctuations, while short-term traders could view this as a signal to reassess their positions.

NEW YORK--(BUSINESS WIRE)-- Lazard, Inc. (NYSE: LAZ) reported today that its preliminary assets under management (“AUM”) as of April 30, 2024 totaled approximately $240.8 billion. The month’s AUM included market depreciation of $4.4 billion, net outflows of $3.6 billion and foreign exchange depreciation of $1.6 billion.

LAZARD, INC.
ASSETS UNDER MANAGEMENT (“AUM”)
(unaudited)
($ in millions)

		As of:
		April 30,	March 31,
		20241	2024
Equity		$187,582	$195,253
Fixed Income		45,399	47,220
Other		7,824	7,959
Total AUM		$240,805	$250,432

(1) Preliminary – subject to adjustment

About Lazard

Founded in 1848, Lazard is one of the world's preeminent financial advisory and asset management firms, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. For more information, please visit www.lazard.com.

Cautionary Note Regarding Forward-Looking Statements:

This press release contains forward-looking statements. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “target,” “goal,” or “continue,” and the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our strategies, business plans and initiatives and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by these forward-looking statements.

These factors include, but are not limited to, those discussed in our Annual Report on Form 10-K under Item 1A “Risk Factors,” and also discussed from time to time in our reports on Forms 10-Q and 8-K, including the following:

• A decline in general economic conditions or the global or regional financial markets;
• A decline in our revenues, for example due to a decline in overall mergers and acquisitions (M&A) activity, our share of the M&A market or our assets under management (AUM);
• Losses caused by financial or other problems experienced by third parties;
• Losses due to unidentified or unanticipated risks;
• A lack of liquidity, i.e., ready access to funds, for use in our businesses; and
• Competitive pressure on our businesses and on our ability to retain and attract employees at current compensation levels.

Although we believe the statements reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this release to conform our prior statements to actual results or revised expectations and we do not intend to do so.

Lazard, Inc. is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, Lazard and its operating companies use their websites,) and other social media sites to convey information about their businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates of assets under management in various mutual funds, hedge funds and other investment products managed by Lazard Asset Management LLC and Lazard Frères Gestion SAS. Investors can link to Lazard and its operating company websites through www.lazard.com.

LAZ-CPE

View source version on businesswire.com: https://www.businesswire.com/news/home/20240510993670/en/

Investor:

Alexandra Deignan +1 212 632 6886

alexandra.deignan@lazard.com

Media:

Zoe Butt +44 20 7448 2802

zoe.butt@lazard.com

Aziz Nayani +1 212 632 6042

aziz.nayani@lazard.com

Source: Lazard, Inc.

FAQ

What were Lazard's Assets Under Management in April 2024?

Lazard reported its AUM in April 2024 at approximately $240.8 billion.

What was the breakdown of Lazard's AUM in April 2024?

The breakdown included Equity at $187,582 million, Fixed Income at $45,399 million, and Other at $7,824 million.

What were the factors affecting Lazard's AUM in April 2024?

The AUM was impacted by market depreciation of $4.4 billion, net outflows of $3.6 billion, and foreign exchange depreciation of $1.6 billion.