Lazard Reports July 2024 Assets Under Management

Rhea-AI Summary

Lazard (NYSE: LAZ) reported its preliminary assets under management (AUM) for July 2024, totaling approximately $246.1 billion. The month's AUM included net outflows of $3.6 billion, market appreciation of $3.5 billion, and foreign exchange appreciation of $1.5 billion. The breakdown of AUM as of July 31, 2024, was:

• Equity: $192,176 million
• Fixed Income: $45,775 million
• Other: $8,153 million

Compared to June 30, 2024, total AUM increased from $244,670 million to $246,104 million.

Positive

• Total AUM increased by $1.434 billion from June to July 2024
• Market appreciation contributed $3.5 billion to AUM
• Foreign exchange appreciation added $1.5 billion to AUM

Negative

• Net outflows of $3.6 billion in July 2024
• Fixed Income AUM decreased from $46,111 million in June to $45,775 million in July

Insights

Financial Analyst

Lazard's July 2024 AUM report reveals a mixed picture. The total AUM increased by $1.43 billion to $246.1 billion, a modest 0.58% growth. However, this masks some concerning trends. Net outflows of $3.6 billion suggest client withdrawals, potentially indicating reduced confidence or strategic shifts. This was offset by market appreciation ($3.5 billion) and foreign exchange gains ($1.5 billion), factors outside Lazard's direct control.

The equity segment, Lazard's largest, grew by 0.92%, while fixed income declined slightly. The 'Other' category saw minimal change. These figures hint at a challenging environment for asset managers, with client retention and organic growth proving difficult despite favorable market conditions. Investors should monitor future reports for sustained outflow trends, which could impact Lazard's fee-based revenues.

Market Research Analyst

Lazard's July AUM report offers a snapshot of broader market dynamics. The modest overall growth aligns with general market trends, but the significant net outflows raise questions. Are these outflows industry-wide or Lazard-specific? The answer could indicate shifting investor preferences or competitive pressures.

The equity segment's growth suggests continued investor appetite for stocks, despite economic uncertainties. However, the slight decline in fixed income AUM is noteworthy, possibly reflecting concerns about interest rates and inflation. The stability in the 'Other' category, which likely includes alternative investments, indicates steady demand for diversification strategies.

For context, investors should compare these figures with competitors' reports to gauge Lazard's relative performance and identify any industry-wide trends that could impact future asset management strategies and profitability.

NEW YORK--(BUSINESS WIRE)-- Lazard, Inc. (NYSE: LAZ) reported today that its preliminary assets under management (“AUM”) as of July 31, 2024 totaled approximately $246.1 billion. The month’s AUM included net outflows of $3.6 billion, market appreciation of $3.5 billion and foreign exchange appreciation of $1.5 billion.

LAZARD, INC. ASSETS UNDER MANAGEMENT ("AUM") (unaudited) ($ in millions)
		As of:
		July 31,		June 30,
		20241		2024
Equity		$192,176		$190,426
Fixed Income		45,775		46,111
Other		8,153		8,133
Total AUM		$246,104		$244,670

(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/20240812723999/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 was Lazard's (LAZ) total assets under management as of July 31, 2024?

Lazard's (LAZ) total assets under management as of July 31, 2024, were approximately $246.1 billion.

How much were the net outflows for Lazard (LAZ) in July 2024?

Lazard (LAZ) reported net outflows of $3.6 billion in July 2024.

What was the market appreciation for Lazard's (LAZ) AUM in July 2024?

Lazard (LAZ) experienced market appreciation of $3.5 billion in July 2024.

How did foreign exchange impact Lazard's (LAZ) AUM in July 2024?

Foreign exchange appreciation contributed $1.5 billion to Lazard's (LAZ) AUM in July 2024.