Lazard's November AUM Balance Declines Sequentially on Net Outflows

Core Insights - Lazard, Inc. reported a preliminary asset under management (AUM) balance of $234.4 billion for November 2024, reflecting a 0.6% decrease from $235.8 billion as of October 30, 2024, primarily due to net outflows of $2.3 billion and foreign exchange depreciation of $2.2 billion, although market appreciation contributed positively with $3 billion [1] AUM Breakdown - In November, Lazard's equity assets decreased by 0.2% to $181.8 billion, while fixed-income assets fell by 2.2% to $44.5 billion [2] - Other assets also declined by 1.6% to $8 billion from the previous month [3] Revenue and Cost Management - The company's heavy reliance on financial advisory fees for revenue, combined with continued net outflows, is expected to impact top-line growth in the near future; however, cost-management efforts are anticipated to support the bottom line [3] Market Performance - In the past six months, Lazard's shares have increased by 41.5%, outperforming the industry growth of 24.2% [10]