Lazard Reports October 2024 Assets Under Management

Rhea-AI Summary

Lazard (NYSE: LAZ) reported preliminary assets under management (AUM) of $235.8 billion for October 31, 2024. The month saw significant decreases across multiple factors: $4.4 billion in market depreciation, $4.2 billion in foreign exchange depreciation, and $3.3 billion in net outflows. The AUM breakdown includes $182.1 billion in Equity, $45.5 billion in Fixed Income, and $8.2 billion in Other assets, showing a decline from September's total AUM of $247.7 billion.

Positive

• None.

Negative

• Total AUM decreased by $11.8 billion from September to October 2024
• Market depreciation of $4.4 billion in October
• Foreign exchange depreciation of $4.2 billion
• Net outflows of $3.3 billion indicating client withdrawals
• Equity AUM declined by $9.4 billion
• Fixed Income AUM decreased by $2.4 billion

Insights

Financial Analyst

The latest AUM report reveals concerning trends for Lazard, with a significant $11.8 billion total decrease in assets under management from September to October. The decline stems from three key factors: $4.4 billion in market depreciation, $4.2 billion in foreign exchange losses and $3.3 billion in net outflows. The equity segment took the largest hit, dropping by $9.4 billion, while fixed income decreased by $2.4 billion.

The net outflows are particularly worrisome as they indicate clients are withdrawing funds, which directly impacts management fees and revenue. With total AUM now at $235.8 billion, this represents a 4.8% month-over-month decline. The combination of market losses and client withdrawals suggests challenging near-term revenue prospects for Lazard's asset management business.

NEW YORK--(BUSINESS WIRE)-- Lazard, Inc. (NYSE: LAZ) reported today that its preliminary assets under management (“AUM”) as of October 31, 2024 totaled approximately $235.8 billion. The month’s AUM included market depreciation of $4.4 billion, foreign exchange depreciation of $4.2 billion and net outflows of $3.3 billion.

LAZARD, INC. ASSETS UNDER MANAGEMENT (“AUM”) (unaudited) ($ in millions)
		As of:
		October 31,	September 30,
		20241	2024
Equity		$182,101	$191,532
Fixed Income		45,514	47,933
Other		8,225	8,192
Total AUM		$235,840	$247,657

(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.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20241112879450/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 as of October 31, 2024?

Lazard's total assets under management (AUM) as of October 31, 2024, was approximately $235.8 billion.

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

Lazard reported net outflows of $3.3 billion in October 2024.

What was the market depreciation impact on Lazard's (LAZ) AUM in October 2024?

Lazard experienced market depreciation of $4.4 billion in October 2024.

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

Lazard's AUM decreased from $247.7 billion in September to $235.8 billion in October 2024, a decline of $11.8 billion.