NEW YORK--(BUSINESS WIRE)--Lazard Global Total Return and Income Fund, Inc. (the "Fund") (NYSE:LGI) is confirming today, as previously authorized by its Board of Directors pursuant to a Managed Distribution Policy, a monthly distribution of $0.10459, equivalent to 7% (annualized) of the Fund's net asset value per share as of the close of markets on December 31, 2023 on the Fund's outstanding common stock. The distribution is payable on January 22, 2024 to shareholders of record on January 11, 2024. The ex-d ...

Lazard LAZ, -0.51% said Tuesday it has officially changed its full formal name to Lazard Inc. from Lazard Ltd. as part of its conversion to a U.S. C-Corp. under Delaware law from a limited partnership. Starting in 2024, distributions will be paid as dividends for U.S. tax purposes with shareholders receiving 1099 income statements rather than K-1 partnership income statements. Lazard Chief Executive Peter R. Orszag said the new structure “will expand our shareholder base by simplifying tax reporting and en ...

NEW YORK--(BUSINESS WIRE)--Lazard Global Total Return and Income Fund, Inc. (the "Fund") (NYSE:LGI) is confirming today, pursuant to its Managed Distribution Policy, as previously authorized by its Board of Directors, a monthly distribution equal to, on an annualized basis, 7.0% of the Fund’s net asset value per share as of the close of markets on December 29, 2023 on the Fund's outstanding common stock. The distribution is payable on January 22, 2024 to shareholders of record on January 11, 2024. The ex-di ...

Financial Data and Key Metrics Changes - The company reported operating revenue of $532 million for Q3 2023, a 27% decrease from Q3 2022. For the first nine months, operating revenue was $1.7 billion compared to $2.1 billion in the same period last year [9][12] - The effective tax rate for Q3, as adjusted, was 8.4%, down from 25.1% in the prior year quarter. The full-year tax rate is projected to be in the low to mid-teens [14][60] Business Line Data and Key Metrics Changes - Financial Advisory revenue for Q3 was $261 million, with a total of $879 million for the first nine months, impacted by a slowdown in M&A activity [9][34] - Asset Management revenue was $794 million for the first nine months of 2023, reflecting a 5% decrease from the prior year, with average AUM for Q3 at $236 billion, an 11% increase year-over-year [12][13] - The Global Restructuring and Liability Management Group reported strong performance, with operating revenue increasing both sequentially and year-over-year [11] Market Data and Key Metrics Changes - AUM as of September 30 was $228 billion, down 5% from June 30, 2023, but up 15% from September 30, 2022, driven by market depreciation and net outflows [120] - The company noted increased interest in cross-border M&A activity, particularly among European companies seeking to acquire U.S. assets [22][34] Company Strategy and Development Direction - The company aims to double revenue firm-wide by 2030, with growth expected to be evenly split between Asset Management and Financial Advisory, targeting double-digit annual growth [21][37] - Lazard plans to convert its current structure to a U.S. corporation (C-Corp) to simplify tax reporting and enhance shareholder ownership [23][60] - The company is focusing on expanding its presence in sectors such as technology, industrials, power and energy, and healthcare, while also enhancing its geopolitical advisory services [22][39] Management's Comments on Operating Environment and Future Outlook - Management believes the M&A cycle is turning, with signs of stabilization and potential recovery in deal activity, particularly in financial institutions, healthcare, and energy transition sectors [10][34] - The company is optimistic about future growth, emphasizing the importance of geopolitical insights in business decisions [39][84] Other Important Information - The company is progressing on cost-saving initiatives, aiming for a 10% reduction in headcount by Q1 2024 [14][34] - A quarterly dividend of $0.50 per share was declared [33] Q&A Session Summary Question: Concerns about Asset Management growth - Management emphasized that growth is not just about AUM accumulation but enhancing shareholder value through high-return growth strategies [44][45] Question: C-Corp conversion details - Management discussed the benefits of conversion, including simplified tax reporting and potential increased liquidity for shares, with a projected low single-digit increase in effective tax rate post-conversion [48][69] Question: Milestones for 2030 goals - Management indicated that milestones will be shared when there are actionable proof points, focusing on revenue, earnings, and expansion in growth areas [50][51] Question: Impact of U.S. elections on business - Management noted that while the U.S. elections may generate demand for geopolitical insights, it is not expected to significantly impact the business trajectory [84][101] Question: Financing for potential acquisitions - Management highlighted the cash-generative nature of their businesses and various financing options available for acquisitions, including equity and earn-outs [65][102]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________ FORM 10-Q ____________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________to ________ 001-32492 (Commission File Number) _________________________ ...

(Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________ FORM 10-Q ____________________________________ For the transition period from ________to ________ 001-32492 (Commission File Number) ______________________________ ...

Photography provided by Lazard employees for our annual Photography Challenge and highlighted in Lazard's Corporate Sustainability Report 5 Mergers & Acquisitions | Strategic Advisory | Capital Markets Advisory | Private Capital Advisory | Private Equity Fundraising | Continuation and Secondary Funds | Restructuring | Liability Solutions | Sovereign Advisory | Venture & Growth Banking | LazardNext | Geopolitical Advisory | Shareholder Advisory "One of the most influential financial institutions in the world ...

Start Time: 08:00 January 1, 0000 8:33 AM ET Lazard Ltd (NYSE:LAZ) Q2 2023 Earnings Conference Call July 27, 2023, 08:00 AM ET Company Participants Kenneth Jacobs - Chairman and CEO Mary Ann Betsch - CFO Evan Russo - CEO, Asset Management Peter Orszag - CEO, of Financial Advisory Alexandra Deignan - Head of IR, Treasury and Corporate Sustainability Conference Call Participants Ryan Kenny - Morgan Stanley Brendan O’Brien - Wolfe Research Devin Ryan - JMP Securities Jim Mitchell - Seaport Global James Yaro - ...

Financial Performance - Consolidated net revenue for the first quarter of 2023 was derived from Financial Advisory (51%), Asset Management (52%), and Corporate (-3%) segments [256]. - Lazard's net revenue for the three months ended March 31, 2023, was $542,436, a decrease of 22% compared to $694,892 in the same period of 2022 [296]. - Operating income for the same period was a loss of $36,924, compared to an operating income of $159,728 in the prior year, representing a significant decline [296]. - Net income attributable to Lazard Ltd for the first quarter of 2023 was a loss of $22,172, compared to a net income of $113,876 in the same quarter of 2022 [296]. - Operating revenue decreased by $172 million, or 25%, to $527 million for the three months ended March 31, 2023, compared to $699 million in 2022 [309]. - Financial Advisory net revenue decreased by $113 million, or 29%, primarily due to a reduction in the number of fees greater than $10 million [321]. - Net revenue for the Asset Management segment decreased by $54 million, or 16%, to $284.04 million in Q1 2023 compared to $338.50 million in Q1 2022 [338]. Market Activity - Completed M&A transactions in Q1 2023 saw a total value of $617 billion, a decrease of 51% from $1,262 billion in Q1 2022, with the number of deals dropping by 32% [267]. - Announced M&A transactions in Q1 2023 had a total value of $589 billion, down 48% from $1,123 billion in Q1 2022, with a 25% decrease in the number of deals [267]. - The number of corporate defaults increased to 33 in Q1 2023 from 25 in Q1 2022, indicating a rise in restructuring activity [268]. - The global macroeconomic environment remains uncertain, characterized by significant inflation and rising interest rates, impacting M&A activity [258]. Asset Management - Total Assets Under Management (AUM) increased by $16 billion, or 7%, to $232 billion as of March 31, 2023, compared to $216 billion at December 31, 2022 [327]. - Approximately 84% of AUM was managed on behalf of institutional clients as of March 31, 2023, down from 85% at the end of 2022 [328]. - The company experienced a 12% decrease in average AUM for the first quarter of 2023 compared to the same quarter in 2022 [327]. - Equity AUM decreased from $221.01 billion in Q1 2022 to $178.63 billion in Q1 2023, a decline of 19.2%, while Fixed Income AUM decreased from $46.29 billion to $45.46 billion, a decline of 1.8% [332]. - Average AUM for Q1 2023 was $226.85 billion, a decrease of 11.5% from $256.43 billion in Q1 2022 [335]. Cost Management - Compensation and benefits expenses increased to $449,967, up from $396,841 in the previous year, reflecting a rise of approximately 13% [296]. - The company is implementing cost-saving initiatives expected to reduce approximately 10% of its workforce in 2023, with $21 million in associated expenses recorded for the first quarter [289]. - Additional costs of approximately $95 million related to compensation and benefits are anticipated in subsequent quarters of 2023 [290]. - Adjusted compensation and benefits expense was $399 million, a decrease of $10 million, or 2%, compared to $409 million in the prior year, with the ratio to operating revenue increasing to 75.7% from 58.5% [310]. - Adjusted non-compensation expense increased by $25 million, or 21%, to $142 million, with the ratio to operating revenue rising to 27.0% from 16.8% [311]. Shareholder Returns - Total stockholders' equity decreased to $508 million as of March 31, 2023, down from $675 million at December 31, 2022, primarily due to a net loss of $21 million and stock repurchases totaling $99 million [366]. - During the three months ended March 31, 2023, Lazard repurchased 2,692,161 shares at an average price of $36.75 per share, with $203 million remaining under the share repurchase authorization [369]. - On April 26, 2023, the Board of Directors declared a quarterly dividend of $0.50 per share, payable on May 19, 2023 [370]. Regulatory and Compliance - Lazard's financial condition is subject to regulatory capital requirements in various jurisdictions, which may restrict the flow of funds to and from affiliates [372]. - For the 12-month period ending March 31, 2023, Lazard's Consolidated Leverage Ratio was 1.93 to 1.00 and the Consolidated Interest Coverage Ratio was 13.80 to 1.00, indicating compliance with financial covenants [358]. Operational Risk Management - The Company has implemented a framework to monitor and manage operational risk, including internal controls and business continuity programs [420]. - Management regularly reviews the investment profile and credit profile of depositor banks to adjust deposit or investment thresholds as necessary [419]. - The Company maintains insurance policies to protect against accidental loss and significant financial impacts [420].

Lazard Ltd. (NYSE:LAZ) Q1 2023 Earnings Conference Call April 28, 2023 8:00 AM ET Company Participants Alexandra Deignan - Head of Investor Relations and Corporate Sustainability Mary Ann Betsch - Chief Financial Officer Kenneth Jacobs - Chairman and Chief Executive Officer Evan Russo - Chief Executive Officer, Asset Management Peter Orszag - Chief Financial Officer of Financial Advisory Conference Call Participants Brennan Hawken - UBS James Yaro - Goldman Sachs Devin Ryan - JMP Securities Steven Chubak - ...