Welcome to our dedicated page for Lazard news (Ticker: LAZ), a resource for investors and traders seeking the latest updates and insights on Lazard stock.
Lazard, Inc. (symbol: LAZ) is one of the world’s leading financial advisory and asset management firms. With a history that dates back to 1848, Lazard operates in 43 cities across 27 countries, including North America, Europe, Asia, Australia, Central, and South America. The firm's global presence and long-standing reputation make it a significant player in the financial services industry.
Lazard offers a wide array of services, including advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance. The company also provides comprehensive asset management services to corporations, partnerships, institutions, governments, and individuals. Notably, the firm’s revenue is nearly evenly split between financial advisory and asset management, with a strong emphasis on international equities in their asset management division.
The company's asset management business, which constitutes over 80% of its assets under management, is primarily focused on institutional clients. Geographically, Lazard generates approximately 60% of its revenue from the Americas, 35% from the EMEA region, and 5% from the Asia-Pacific.
With over 3,000 employees worldwide, Lazard continues to thrive by leveraging its deep industry expertise and global network. The firm's current projects and partnerships demonstrate its ongoing commitment to delivering high-value financial solutions. For the latest updates and relevant information about Lazard’s performance, events, and developments, you can follow their social media disclosures.
Lazard Ltd (NYSE: LAZ) announced its preliminary assets under management (AUM) of approximately $224.2 billion as of October 31, 2020. This figure reflects a market depreciation of $3.9 billion and net inflows of $0.3 billion. For comparison, AUM as of September 30, 2020, was $227.8 billion. The composition of AUM includes equity at $179.6 billion, fixed income at $40.0 billion, and other assets at $4.6 billion.
Lazard (NYSE: LAZ) announced the return of Sam Whittaker as a Managing Director in its Financial Advisory division, effective immediately. Whittaker, who previously spent five years at PJT Partners, brings over 15 years of restructuring expertise. He will enhance Lazard UK’s Restructuring business alongside David Burlison, Co-Head of EMEA Restructuring. The firm recently made several senior appointments to strengthen its restructuring team, recognized as a global leader in the sector. Lazard’s Restructuring Group has a strong track record, advising major clients on complex assignments.
Lazard Ltd (NYSE: LAZ) reported operating revenue of $569 million for Q3 2020, a 3% decline from the previous year. Adjusted net income was $76 million, or $0.67 per share, marking a 14% decrease year-over-year. For the first nine months, adjusted net income was $218 million, down 22% from 2019. Financial Advisory revenue increased 1% to $307 million, while Asset Management revenue fell 8%. Lazard returned $50 million to shareholders in Q3 through dividends. Despite market challenges, the firm remains resilient with a strong financial position.
Lazard Ltd (NYSE: LAZ) has declared a quarterly dividend of $0.47 per share on its common stock. This dividend is scheduled to be paid on November 20, 2020, to stockholders of record as of November 9, 2020.
As a leading financial advisory and asset management firm, Lazard operates in over 40 cities and 25 countries, providing services in mergers and acquisitions, capital raising, and asset management.
Lazard Asset Management LLC has announced the addition of Ryan Hutchinson and Stefan Wimmer to its team, introducing a new Digital Health investment strategy. The strategy focuses on companies benefiting from digital transformation in healthcare, aiming to enhance consumer experience and improve health outcomes. Hutchinson and Wimmer bring extensive experience from their previous roles at Global Thematic Partners, where they led the Digital Health Strategy. This move aligns with Lazard's commitment to thematic investment solutions amid changing macroeconomic conditions.
Lazard Ltd (NYSE: LAZ) announced the addition of Makinson Cowell effective December 1, 2020. Founded in 1989, Makinson Cowell specializes in capital markets and investor relations for leading FTSE100 and 250 companies. This integration aims to enhance Lazard's financial advisory capabilities by leveraging Makinson Cowell's expertise in the institutional investor landscape. CEO Cyrus Kapadia emphasized the increasing demand for trusted advisory services, positioning this move as beneficial for clients seeking strategic decision-making insights.
Lazard Ltd (NYSE: LAZ) has published its annual analyses comparing energy generation and storage costs. The Levelized Cost of Energy Analysis (LCOE 14.0) shows a continued decline in costs for onshore wind (2%) and utility-scale solar (9%). Utility-scale solar has a competitive average cost of $31/MWh versus $41/MWh for coal. Lazard's Levelized Cost of Storage Analysis (LCOS 6.0) indicates that storage costs have decreased, especially for lithium-ion technologies. Notably, this year's LCOE includes a study on hydrogen as a supplemental fuel.
Lazard Asset Management LLC (LAM) has expanded its alternative investment platform with a new New York-based team specializing in long/short credit strategy. The new team, consisting of Sal Naro, Vincent Mistretta, Michael Cannon, and Sanjay Aiyar, joins from Coherence Capital Partners, forming the Lazard Coherence investment team. This addition enhances LAM's capabilities, aligning with its existing fixed income offerings, and aims to achieve consistent absolute returns in the credit markets. As of June 30, 2020, LAM managed approximately $4.5 billion in client assets.
Lazard Ltd (NYSE: LAZ) will release its financial results for Q3 and nine months of 2020 on October 29, 2020. The press release will be accessible on their website. A conference call will be held at 8:00 a.m. EDT on the same day to discuss the results, and it will be accessible through a live audio webcast. Replay information will also be available after the call. Lazard, a leading financial advisory and asset management firm, provides various services including mergers and acquisitions advice, restructuring, and capital raising.
Lazard Ltd (NYSE: LAZ) reported preliminary assets under management (AUM) of approximately $227.8 billion as of September 30, 2020. The month’s AUM experienced a market depreciation of $3.2 billion, foreign exchange depreciation of $2.0 billion, but net inflows of $0.7 billion were recorded. The average AUM for the quarter ended September 30, 2020, stood at $226.0 billion. Comparatively, the total AUM was $232.3 billion as of August 31, 2020.
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