Lazard Reports November 2024 Assets Under Management

Rhea-AI Summary

Lazard (NYSE: LAZ) reported preliminary assets under management (AUM) of $234.4 billion for November 2024. The month's performance showed mixed results with $3.0 billion in market appreciation offset by $2.3 billion in net outflows and $2.2 billion in foreign exchange depreciation.

The AUM breakdown includes $181.8 billion in Equity, $44.5 billion in Fixed Income, and $8.1 billion in Other assets. These figures represent a slight decrease from October 2024's total AUM of $235.8 billion.

Positive

• Market appreciation of $3.0 billion in November 2024

Negative

• Net outflows of $2.3 billion
• Foreign exchange depreciation of $2.2 billion
• Overall AUM decreased from $235.8 billion to $234.4 billion month-over-month

Insights

Financial Analyst

The November AUM report reveals concerning trends for Lazard. The $234.4 billion AUM shows a month-over-month decline, with $2.3 billion in net outflows being particularly worrisome as it indicates client withdrawals exceeding new investments. While market appreciation of $3.0 billion provided some offset, the $2.2 billion foreign exchange depreciation further eroded assets. The equity segment, which comprises about 77% of total AUM, remained relatively stable, but fixed income saw a notable decline from $45.5 billion to $44.5 billion. These outflows and FX headwinds could pressure management fees and impact near-term earnings potential.

Market Research Analyst

The persistent net outflows signal challenges in client retention and new business acquisition for Lazard. This continues a concerning pattern in the asset management industry, where traditional active managers face intense competition from passive investment vehicles. The foreign exchange impact highlights Lazard's significant international exposure, which can be both a diversification benefit and a risk factor. The relatively stable equity AUM, despite market volatility, suggests decent investment performance, but the overall trend of declining AUM could affect the firm's competitive position and market share in the global asset management landscape.

NEW YORK--(BUSINESS WIRE)-- Lazard, Inc. (NYSE: LAZ) reported today that its preliminary assets under management (“AUM”) as of November 30, 2024 totaled approximately $234.4 billion. The month’s AUM included market appreciation of $3.0 billion, net outflows of $2.3 billion and foreign exchange depreciation of $2.2 billion.

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

			As of:
			November 30,	October 31,
			20241	2024
	Equity		$181,764	$182,101
	Fixed Income		44,525	45,514
	Other		8,093	8,225
	Total AUM		$234,382	$235,840
(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” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by the use of forward-looking terminology 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 the 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 Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including the following:

• Adverse general economic conditions or adverse conditions in 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;
• Competitive pressure on our businesses and on our ability to retain and attract employees at current compensation levels; and
• Changes in relevant tax laws, regulations or treaties or an adverse interpretation of those items.

These risks and uncertainties are not exhaustive. Our SEC reports describe additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

As a result, there can be no assurance that the forward-looking statements included in this release will prove to be accurate or correct. Although we believe the statements reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, achievements or events. Moreover, 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/20241210727396/en/

Investor Contact:

Alexandra Deignan +1 212 632 6886

alexandra.deignan@lazard.com

Media Contacts:

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 AUM in November 2024?

Lazard's total assets under management (AUM) in November 2024 was approximately $234.4 billion.

How much were Lazard's (LAZ) net outflows in November 2024?

Lazard experienced net outflows of $2.3 billion in November 2024.

What was the market appreciation for Lazard (LAZ) in November 2024?

Lazard reported market appreciation of $3.0 billion in November 2024.

How did Lazard's (LAZ) AUM change from October to November 2024?

Lazard's AUM decreased from $235.8 billion in October to $234.4 billion in November 2024, a reduction of approximately $1.4 billion.