Core Insights - Lazard, Inc. has appointed Edouard Panié as Managing Director and Co-Head of the European Financial Sponsors Coverage [1] - Panié will report to Klaus H. Hessberger, Global Co-Head and Head of Europe for Lazard's Financial Sponsors Group [1] - The appointment aims to strengthen Lazard's presence and partnerships with financial sponsors across Europe [1] Company Overview - Edouard Panié joins Lazard from Goldman Sachs, where he served as a Managing Director for nearly two decades [1] - His experience includes advising financial sponsors, which is expected to enhance Lazard's capabilities in this area [1]

Core Insights - Lazard, Inc. reported preliminary assets under management (AUM) of approximately $264.5 billion as of September 30, 2025 [1] - The AUM for the month included market appreciation of $5.4 billion, foreign exchange (FX) appreciation of $0.5 billion, and net inflows of $0.3 billion [1] - The preliminary average AUM for the quarter ended September 30, 2025, was $257.4 billion [1] AUM Breakdown - Total AUM as of September 30, 2025: $264.5 billion [1] - Market appreciation contributed $5.4 billion to AUM [1] - FX appreciation added $0.5 billion to AUM [1] - Net inflows accounted for $0.3 billion [1] - Average AUM for the quarter: $257.4 billion [1]

ETF Market Trends & Flows - 全球 ETF 行业资产超过 8 万亿美元 [1] - ETF 市场整体处于历史高位，单周流入 71.1 亿美元 [3] - 美国股票和黄金、比特币等避险资产同时受到追捧 [4] - 小型股 ETF (IWM) 资金流动不稳定，进出频繁 [5] - iShares iBoxx $ High Yield Corporate Bond ETF (HYG) 资产接近 1000 亿美元，预计将成为历史上最快达到 1000 亿美元的 ETF [6] - ETF 发行数量激增，2025 年迄今已发行近 800 只新基金，预计全年可能突破 1000 只 [31] - 杠杆 ETF 平均首日换手率接近 30%，市场投机情绪高涨 [32] ETF Innovation & Competition - SEC 批准共同基金发行 ETF 份额，Dimensional 率先获得批准 [2][33] - 约 80 家资产管理公司已申请发行 ETF 份额，数量远超比特币 ETF 的申请 [36] - 共同基金增加 ETF 份额旨在提高税务效率，但运营方面面临挑战，例如平台是否同时支持共同基金份额和 ETF 份额 [35][39][40] - Lazard 在澳大利亚市场已提供共同基金的 ETF 份额 [28] Thematic ETF Analysis - 基础设施 ETF 成为市场关注焦点，PAVE 过去五年年化增长率达 26% [15][16] - Lazard 推出新的基础设施 ETF，专注于与通胀调整相关的收入流 [11][12] - Buzz ETF (BUZZ) 追踪社交媒体和新闻文章中积极讨论的股票，今年上涨 50% [45][47] - Buzz ETF 每月重新平衡，选取市值 50 亿美元以上、积极情绪最高的 75 只股票，并根据情绪加权，单只股票权重上限为 3% [50][55][61] International Market - 日本可能迎来首位女首相，市场预期将推行财政刺激政策，日股上涨，日元下跌 [1][13] - Lazard 认为日本市场存在不确定性，建议积极管理 [14]

Google hired investment bank Lazard to evaluate the potential sale of its advertising exchange unit in 2020, according to court testimony on Wednesday. A federal judge declared last April that the business is an illegal monopoly https://t.co/3sO4WC8qRB ...

Core Insights - Lazard, Inc. has appointed Cyrille Cotte as Managing Director and Head of Insurance for its European Financial Institutions Group, based in London [1] - Cyrille Cotte previously worked at Evercore as a Partner and Senior Managing Director in the European Financial Institutions Group [1] - Cotte's career has been focused on advising within the financial institutions sector [1]

Core Viewpoint - The ODP Corporation has entered into a definitive agreement to be acquired by an affiliate of Atlas Holdings for $28 per share, representing a 34% premium and valuing the company at approximately $1 billion [1][2]. Group 1: Acquisition Details - The purchase price is set at $28 per share in cash, which is a 34% premium over ODP's closing share price on September 19, 2025 [1]. - The total valuation of the business is around $1 billion [1]. - Upon completion of the acquisition, ODP will become a privately held company and its common stock will be removed from the Nasdaq exchange [2]. Group 2: Approval and Timeline - The deal has been approved by ODP's board and is expected to conclude by the end of 2025, pending regulatory clearance and shareholder approval [2][3]. Group 3: Strategic Insights - Atlas Holdings' managing partner, Michael Sher, expressed confidence in ODP's leadership and their ability to navigate the retail environment, indicating a commitment to support ODP's evolution [3]. - ODP's CEO, Gerry Smith, highlighted Atlas' operational expertise and resources as beneficial for advancing B2B growth initiatives and strengthening customer partnerships [5][6]. Group 4: Advisory Roles - JP Morgan Securities is serving as the exclusive financial adviser to ODP Corporation, while Simpson, Thacher & Bartlett is providing legal counsel [4]. - Atlas Holdings is being advised by Lazard, with legal advice from Willkie Farr & Gallagher [4].

Core Insights - Lazard, Inc. is expanding its Nordic operations by appointing Jesper Jensen as Managing Director, Financial Advisory and CEO of Denmark, effective September 17 [1] - The establishment of a new office in Denmark aims to enhance Lazard's presence and strengthen client relationships in the Nordic region [1] - Jesper Jensen brings over 25 years of experience and strong local market connectivity, which will facilitate Lazard's growth in Denmark [1]

Core Insights - Lazard, Inc. reported a preliminary asset under management (AUM) of $258.4 billion as of August 31, 2025, reflecting a 1.8% increase from July 31, 2025, driven by market appreciation and foreign exchange gains, partially offset by net outflows [1][10] Group 1: AUM Performance - The company's equity assets rose 1.9% month-over-month to $202.5 billion, while fixed-income AUM also increased by 1.9% to $46.8 billion, and other assets climbed nearly 1% to $8.9 billion [2][10] - Over the past years, Lazard has shown long-term resilience in AUM growth, with a compound annual growth rate (CAGR) of 1.7% from 2016 to 2024, despite declines in 2022 and the first half of 2025 [3] Group 2: Strategic Initiatives - Lazard has taken strategic steps to enhance its asset management franchise, including the establishment of Lazard Elaia Capital, a European growth capital initiative focused on technology sector investments [4] - The company finalized an initial investment in a strategic partnership with Elaia Partners in April 2024, and acquired Truvvo Partners in March 2023, adding $3.8 billion of AUM [4][5] Group 3: Industry Context - Peers such as Franklin Resources and T. Rowe Price have also experienced AUM growth, with Franklin reporting a preliminary AUM of $1.64 trillion and T. Rowe's AUM increasing to $1.73 trillion [6][7][8] - The growth trends in the industry are supported by market appreciation and strong demand for diversified investment solutions [8] Group 4: Market Performance - Over the past year, Lazard's shares have risen 18.6%, slightly outperforming the industry's growth of 18% [9]

Investors awaiting new CPI data at 8:30 a. m. Eastern time.Forecasters are expecting a month- over-month gain of 0.3%. And joining us right now on the economy and the markets is Peter Orzac. He's the CEO of Lazard. He was the director of the Office of Management and Budget under President Obama.And and Peter, thank you for being with us today. Um, let's just talk broadly about the economy after we saw the much cooler than anticipated uh inflation numbers yesterday with PPI. Where do you think the economy st ...

Economic Overview - The economy is described as being in decent shape, with some weakening in the labor market and a slight decline in consumer sentiment [2][9] - There is an expectation of upward pressure on inflation due to the gradual adjustment to tariffs, with only about 25% of the tariff impact passed through to consumer prices so far [3][4] Federal Reserve and Inflation - The Federal Reserve faces a challenging situation with conflicting mandates of managing inflation and supporting the labor market, especially if inflation pressures materialize while the job market weakens [6][5] - The market reacted positively to weaker PPI numbers, suggesting that the Fed may have room to cut rates [4] CEO Sentiment and Market Activity - CEO sentiment remains very positive despite uncertainties in the geopolitical landscape and the economy [11][12] - There is a notable increase in M&A activity as large companies consider significant transactions, driven by demand from private equity investors [13][14] Lazard's Performance and Strategy - Lazard has achieved a 100% total shareholder return over the past two years, attributed to internal steps and favorable market conditions [14] - The company is focused on recruiting high-quality talent and has met its productivity targets ahead of schedule [16] - Lazard's asset management business has seen net positive flows year-to-date, with a new CEO joining to drive further growth [17] Technological Advancements - The integration of AI is expected to enhance Lazard's growth and improve the quality of advice provided to clients [17][18]