Lazard, Inc. LAZ reported a preliminary asset under management (“AUM”) balance of $234.4 billion for November 2024, a 0.6% decrease from $235.8 billion as of Oct. 30, 2024.
The downfall in AUM balance was due to net outflows of $2.3 billion and foreign exchange depreciation of $2.2 billion. The AUM was impacted favorably by the market appreciation of $3 billion.
LAZ’s AUM Breakdown
In November, Lazard’s equity assets decreased 0.2% from the prior month’s level to $181.8 billion. Fixed-income assets decreased 2.2% to $44.5 billion.
Other assets fell 1.6% to $8 billion from the previous month.
The company’s high reliance on financial advisory fees for most of its revenues and continued net outflows are likely to affect Lazard’s top-line growth in the upcoming period. Nonetheless, cost-management efforts are expected to aid the company’s bottom line in the near term.
Lazard’s Price Performance & Zacks Rank
In the past six months, shares of Lazard have jumped 41.5% compared with the industry’s growth of 24.2%.
Image Source: Zacks Investment Research
LAZ currently carries a Zacks Rank #4 (Sell).
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 a preliminary AUM of $91.4 billion as of Nov. 30, 2024. This indicated a rise of 1.9% from the prior month's level.
The increase in CNS’ AUM balance was driven by the market appreciation of $1.9 billion. This was partly offset by distributions of $151 million and net outflows of $98 million.
Franklin Resources, Inc. BEN reported a preliminary month-end AUM of $1.65 trillion as of Nov. 30, 2024. This marked a 1.2% increase from the prior month.
The growth in BEN’s AUM balance implied favorable market returns, partly offset by long-term net outflows of $13 billion. The outflows included $12 billion of long-term net outflows at Western Asset Management.
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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.
