Lazard's (LAZ) July AUM Rises Marginally on Positive Markets

Company Overview - Lazard, Inc. reported a preliminary asset under management (AUM) balance of $246.1 billion for July 2024, reflecting a marginal increase from $244.7 billion as of June 30, 2024, driven by market appreciation of $3.5 billion and foreign exchange appreciation of $1.5 billion, partially offset by net outflows of $3.6 billion [1] - In July, Lazard's equity assets increased almost 1% from the prior month's level to $192.2 billion, while fixed-income assets declined marginally to $45.8 billion, and other assets rose to $8.2 billion from the previous month [2] Financial Performance - Lazard's robust AUM balance, innovative investment strategies, and solutions are expected to support its top line, alongside a well-laddered debt maturity profile and impressive cost-control efforts [3] - Year to date, shares of Lazard have risen 27.8% against the industry's decline of 0.5% [3] Market Context - The current challenging macroeconomic environment and high reliance on financial advisory fees for a major chunk of its revenues are major concerns for Lazard [3] - In comparison, Invesco announced a preliminary AUM of $1,732 billion for July 2024, reflecting an almost 1% rise from the previous month-end, positively impacted by favorable market returns and net long-term inflows [5][6] - Cohen & Steers, Inc. reported a preliminary AUM of $84.6 billion as of July 31, 2024, reflecting a rise of 4.8% from the prior month's level, driven by market appreciation [7]