Lazard Reports November 2025 Assets Under Management

Core Insights - Lazard, Inc. reported preliminary assets under management (AUM) of approximately $250.8 billion as of November 30, 2025, reflecting net outflows of $18.0 billion, market appreciation of $1.1 billion, and FX depreciation of $0.1 billion [1][2] - The significant outflows in November included $16.8 billion from the closure of a U.S. sub-advised relationship, which was anticipated to occur in 2026 or later, indicating changing dynamics within the client's multi-manager portfolio [1] - Excluding the large U.S. sub-advised account, net inflows year to date were $8.7 billion [1] AUM Breakdown - As of November 30, 2025, the AUM consisted of: - Equity: $196,171 million (down from $212,643 million in October 2025) - Fixed Income: $45,351 million (down from $46,145 million in October 2025) - Other: $9,307 million (up from $8,992 million in October 2025) - Total AUM: $250,829 million (down from $267,780 million in October 2025) [2]