Lazard Reports March 2023 Assets Under Management

Rhea-AI Summary

Lazard Ltd (NYSE: LAZ) announced its preliminary assets under management (AUM) as of March 31, 2023, totaling approximately $232.1 billion. This AUM reflects market appreciation of $2.8 billion, net inflows of $2.8 billion including about $3.9 billion from acquiring Truvvo Partners, and foreign exchange appreciation of $2.3 billion. The average AUM for the quarter was $226.8 billion. Lazard operates in 43 cities across 26 countries, offering services including mergers, acquisitions, and asset management.

Positive

• Total AUM increased to $232.1 billion, representing a $7.9 billion increase from February.
• Acquisition of Truvvo Partners contributed approximately $3.9 billion to net inflows.
• Market appreciation and foreign exchange contributed positively to AUM.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Lazard Ltd (NYSE: LAZ) reported today that its preliminary assets under management (“AUM”) as of March 31, 2023 totaled approximately $232.1 billion. The month’s AUM included market appreciation of $2.8 billion, net inflows of $2.8 billion, which includes approximately $3.9 billion from the acquisition of Truvvo Partners, and foreign exchange appreciation of $2.3 billion. Preliminary average AUM for the quarter ended March 31, 2023 was $226.8 billion.

LAZARD LTD
ASSETS UNDER MANAGEMENT (“AUM”)
(unaudited)
($ in millions)

		As of:
		March 31,	February 28,
		20231	2023
Equity		$178,628	$174,020
Fixed Income		45,461	44,807
Other		8,051	5,331
Total AUM		$232,140	$224,158

(1) Preliminary – subject to adjustment

About Lazard

Lazard, one of the world's preeminent financial advisory and asset management firms, operates from 43 cities across 26 countries in North and South America, Europe, Asia and Australia. Celebrating its 175^th year, the firm provides advice on mergers and acquisitions, capital markets and other strategic matters, restructuring and capital solutions, and asset management services to corporations, partnerships, institutions, governments and individuals. For more information on Lazard, please visit www.lazard.com. Follow Lazard at @Lazard.

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 growth 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 expectations 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 Ltd 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, Lazard’s Twitter account (twitter.com/Lazard) 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/20230413005159/en/

Investors:

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 Ltd

FAQ

What are Lazard's preliminary assets under management as of March 31, 2023?

Lazard's preliminary assets under management are approximately $232.1 billion.

How much market appreciation did Lazard report for March 2023?

Lazard reported market appreciation of $2.8 billion for March 2023.

What was the average assets under management for Lazard in Q1 2023?

The average assets under management for Lazard in Q1 2023 were $226.8 billion.

What contributed to Lazard's net inflows in March 2023?

Net inflows included approximately $3.9 billion from the acquisition of Truvvo Partners.

Did Lazard experience any foreign exchange appreciation in March 2023?

Yes, Lazard experienced foreign exchange appreciation of $2.3 billion in March 2023.