Markets

Lazard's (LAZ) September AUM Declines on Market Losses

Lazard Ltd. LAZ recorded a 1.9% fall in preliminary assets under management (AUM) as of Sep 30, 2020, from the prior month. Total AUM came in at $227.8 billion, down from the August 2020 figure of $232.3 billion.

Following this development, shares of the company have declined 1.5%.

The September AUM displayed a $3.2-billion market depreciation and an unfavorable foreign-exchange impact of $2 billion. These were, however, offset by net inflows of $0.7 billion.

Lazard’s equity AUM at the end of September edged down 1.9% from the prior month to $183.8 billion. Also, other assets decreased 1.7% to $4.5 billion. Further, fixed income AUM fell 2.2% on a sequential basis to $39.5 billion.

Lazard is well positioned to grow organically on its robust Financial Advisory and Asset Management segments. However, the absence of continued growth in equity markets and stringent regulations are headwinds.

Shares of the company have gained 49.5% in the past six months compared with 40% growth registered by the industry.

 

Currently, Lazard carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other Asset Managers

Cohen & Steers, Inc. CNS reported preliminary AUM of $70.5 billion as of Sep 30, 2020, which decreased 2.2% from the prior-month level. Market depreciation of $1.2 billion, net outflows of $24 million and distributions outflow of $303 million resulted in this AUM decline.

Franklin Resources BEN announced preliminary AUM by its subsidiaries of $1.42 trillion for September. Results display a 1.6% decrease from the $1.44 trillion recorded as of Aug 31, 2020.

Invesco’s IVZ preliminary month-end AUM of $1,218.2 billion for August represents a 2.2% decrease from the previous month.

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Franklin Resources, Inc. (BEN): Free Stock Analysis Report
 
Lazard Ltd (LAZ): Free Stock Analysis Report
 
Invesco Ltd. (IVZ): Free Stock Analysis Report
 
Cohen Steers Inc (CNS): Free Stock Analysis Report
 
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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