Lazard Reports September 2024 Assets Under Management

Rhea-AI Summary

Lazard, Inc. (NYSE: LAZ) reported preliminary assets under management (AUM) of approximately $247.7 billion as of September 30, 2024. The month's AUM included market appreciation of $3.0 billion, foreign exchange appreciation of $1.5 billion, and net outflows of $1.3 billion. The preliminary average AUM for the quarter ended September 30, 2024, was $246.0 billion.

The AUM breakdown as of September 30, 2024, was:

• Equity: $191,532 million
• Fixed Income: $47,933 million
• Other: $8,192 million

These figures represent an increase from August 31, 2024, when total AUM was $244,341 million.

Positive

• Total AUM increased from $244.3 billion to $247.7 billion month-over-month
• Market appreciation of $3.0 billion in September
• Foreign exchange appreciation of $1.5 billion

Negative

• Net outflows of $1.3 billion in September

Insights

Financial Analyst

Lazard's September 2024 AUM report reveals mixed signals for investors. The total AUM increased to $247.7 billion, up from $244.3 billion in August, primarily driven by market appreciation of $3.0 billion and foreign exchange gains of $1.5 billion. However, the net outflows of $1.3 billion are a concern, indicating potential client withdrawals or portfolio rebalancing.

The equity segment, which comprises the majority of Lazard's AUM at $191.5 billion, saw growth, likely benefiting from broader market trends. The fixed income portion also increased to $47.9 billion, possibly due to investors seeking stability in a volatile market. The "Other" category experienced a decline, which may warrant further investigation.

While the overall AUM growth is positive, the net outflows suggest challenges in client retention or new asset acquisition. Investors should monitor this trend in future reports to assess Lazard's competitive position in the asset management industry and its potential impact on revenue generation.

NEW YORK--(BUSINESS WIRE)-- Lazard, Inc. (NYSE: LAZ) reported today that its preliminary assets under management (“AUM”) as of September 30, 2024 totaled approximately $247.7 billion. The month’s AUM included market appreciation of $3.0 billion, foreign exchange appreciation of $1.5 billion and net outflows of $1.3 billion. Preliminary average AUM for the quarter ended September 30, 2024 was $246.0 billion.

LAZARD, INC. ASSETS UNDER MANAGEMENT (“AUM”) (unaudited) ($ in millions)
		As of:
		September 30,	August 31,
		20241	2024
Equity		$191,532	$188,764
Fixed Income		47,933	46,633
Other		8,192	8,944
Total AUM		$247,657	$244,341

(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/20241010802415/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 AUM as of September 30, 2024?

Lazard's preliminary total assets under management (AUM) as of September 30, 2024, was approximately $247.7 billion.

How much market appreciation did Lazard (LAZ) experience in September 2024?

Lazard experienced market appreciation of $3.0 billion in September 2024.

What were the net flows for Lazard (LAZ) in September 2024?

Lazard reported net outflows of $1.3 billion in September 2024.

How did Lazard's (LAZ) AUM change from August 31 to September 30, 2024?

Lazard's AUM increased from $244.3 billion on August 31 to $247.7 billion on September 30, 2024, an increase of approximately $3.3 billion.