Lazard, Inc. LAZ reported a preliminary asset under management (AUM) balance of $235.8 billion for October 2024, reflecting a 4.8% decrease from $247.7 billion as of Sept. 30, 2024.
LAZ’s AUM Breakdown
The downfall in AUM balance was due to a market depreciation of $4.4 billion, net outflows of $3.3 billion and foreign exchange depreciation of $4.2 billion.
In October, Lazard’s equity assets decreased 4.9% from the prior month’s level to $182.1 billion. Fixed-income assets decreased 5% to $45.5 billion.
Other assets rose marginally to $8.2 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
Over the past six months, shares of Lazard have jumped 42% compared with the industry’s growth of 16.4%.
Image Source: Zacks Investment Research
LAZ currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Asset Managers
Franklin Resources, Inc. BEN reported its preliminary AUM of $1.63 trillion as of Oct. 31, 2024. This reflected a decrease of 2.9% from the prior month’s level.
For the quarter ended Oct. 31, 2024, BEN’s AUM declined on negative markets and long-term net outflows, and long-term net outflows of $18.5 billion.
Cohen & Steers, Inc. CNS reported its preliminary AUM of $89.7 billion as of Oct. 31, 2024. This reflected a decline of 2.2% from the prior month's level.
CNS’ AUM balance declined due to a market depreciation of $2.3 billion and distributions of $150 million, which was partially offset by net inflows of $454 million.
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