UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________ FORM 10-K __________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 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) __________________________ ...

Economic Growth and Consumer Spending - The US economy's growth is highly concentrated, primarily among high-income consumers who are utilizing their wealth from a strong stock market [2][3] - Business investment is similarly concentrated, particularly in AI infrastructure, indicating a narrow focus in economic expansion [3] Inflation and Market Risks - There are concerns about inflation, with core CPI showing significant changes that may not reflect a broad problem but indicate underlying issues [5] - The market may be overly optimistic about inflation trends, as demand from AI buildout coincides with ongoing supply constraints [5][6] Tariffs and Globalization - Tariffs are impacting economic growth and may pose risks to consumer-facing companies, which have managed to mitigate some costs but anticipate future challenges [6][7] - The concentration of growth raises concerns about the sustainability of market confidence, as it relies on a limited consumer base and specific business investments [8][9] Retail Sector Insights - Retailers have managed inventory well, but inflation has skewed the perception of growth, with unit sales only increasing modestly while prices have risen significantly [10] - Companies like Pinterest have reported weaknesses attributed to tariff impacts, affecting their advertising budgets and overall performance [9]

Core Viewpoint - Schroders, a historic fund manager, has agreed to a £10 billion takeover by US funds group Nuveen, marking the end of the Schroder family's long-standing association with the company and the City of London [2][4]. Group 1: Company Background - Schroders was founded 222 years ago during the Napoleonic Wars and has been a significant player in British finance, comparable to the Rothschilds and Warburgs [5]. - The Schroder family holds a 44% stake in the business and had previously expressed strong support for the company, with CEO Richard Oldfield emphasizing a commitment to a transformation plan [1][2]. Group 2: Takeover Details - The takeover approach from Nuveen was first received just weeks prior to the announcement, leading to secret negotiations codenamed "Project Pantheon" [3]. - Lazard was brought in to advise the Schroder family's Principal Shareholder Group, culminating in an agreement among senior family members [4]. Group 3: Financial Implications - The sale is expected to yield approximately £4.3 billion for the Schroder family, likely concluding their involvement with the firm [4]. - This transaction represents a significant shift in the ownership structure of Schroders, as the family's influence has diminished over the years [8].

Core Insights - Artificial intelligence (AI) is transitioning from a growth driver for technology stocks to a disruptor in traditional financial services, impacting market expectations for wealth management firms globally [1] - Major wealth management and brokerage stocks have experienced significant declines as investors assess the implications of new AI tools that automate tasks previously performed by human advisors [1] Stock Performance - The Charles Schwab Corp. (SCHW) has decreased by 10.9%, LPL Financial Holdings Inc. (LPLA) by 13.8%, and Raymond James Financial Inc. (RJF) by 8.8% in recent trading days [2] - Other firms such as Lazard and Stifel Financial have also seen declines of nearly 4% and 4.9%, respectively, while banks with substantial wealth management exposure, including JPMorgan Chase (JPM), Bank of America (BAC), and Wells Fargo, have dropped more than 4% [2] Trigger for Stock Selloff - The stock market reaction was initiated by the launch of an AI-powered tax planning tool by U.S. fintech startup Altruist, which is integrated into its Hazel platform [3] - This tool can process client data to generate personalized tax strategies and financial insights that previously required extensive manual work from advisors [3] Investor Concerns - Investors view the AI tool as a potential threat to traditional revenue streams in wealth advisory, particularly in fee-based services like tax planning and portfolio strategy [4] - The ability to commoditize and scale complex financial advice rapidly raises concerns about the erosion of fee margins and business models for existing firms [4] Shift in Market Focus - The market's focus has shifted from beneficiaries of the AI boom to those who might be displaced by it, affecting asset management and private capital firms [5][6] - Executives from firms like Blackstone and Apollo Global Management have attempted to reassure stakeholders that AI is unlikely to undermine their businesses, but skepticism remains prevalent [6] Reassessment of Risks - The initial optimism surrounding AI is evolving into a reassessment of risks, as investors consider the potential for AI to compress margins and alter business models [7] - The recent selloff in wealth management stocks signifies a turning point in how investors perceive AI risk within financial services [8] Implications for Wealth Management - The declines in shares of firms like Schwab, LPL Financial, and Raymond James reflect fears that AI could diminish advisory fees and disrupt established operating models [8][9] - While it is too early to label AI as an existential threat to human-led wealth advice, the rapid advancement of tools like Altruist's Hazel platform necessitates a reevaluation of defensible areas within the value chain [10] - Success for incumbents will likely hinge on the effective integration of AI into client service, compliance, and portfolio construction, where trust and judgment remain essential [10]

Group 1 - The article does not contain any relevant content regarding company or industry insights [1]

Summary of Lazard Asset Management Conference Call Company Overview - **Company**: Lazard Asset Management - **AUM**: Approximately $265 billion [1] Key Points and Arguments Leadership Transition - **New CEO**: Chris Hogbin appointed as CEO of Lazard Asset Management in December [1] - **Experience**: Chris brings 30 years of global investment leadership, previously serving as global head of investments at AllianceBernstein [1] Strategic Vision - **Lazard 2030**: The vision set by group CEO Peter Orszag is a key attraction for Chris Hogbin [3] - **Strengths**: Lazard has strong investment and distribution capabilities, but there are areas for improvement [3][4] Priorities for Growth 1. **Delivering Investment Performance**: - Two-thirds of AUM is outperforming its stated benchmark, but there is room for improvement [7] - Appointment of a Chief Investment Officer, Eric Van Nostrand, to oversee portfolio managers and enhance performance [8][9] 2. **Growing the Business**: - Transition year with $8.5 billion of net inflows, excluding a significant client termination [11] - January saw nearly $3 billion in net inflows, indicating positive momentum [11] 3. **Capitalizing on Growth**: - Focus on improving margins without adding costs [12] - Need for operating leverage as the business grows [12] Strategic Business Mix - **Protect and Grow**: Focus on systematic equities, global listed infrastructure, and emerging markets [13] - **Invest and Enhance**: Investment in the investment team and new product development, including a move from 0 to $1 billion in active ETFs [14] - **White Space Opportunities**: - Expansion in public markets, private markets, and wealth management [15][16] M&A Considerations - Organic growth is preferred, but selective M&A may be necessary for expansion [17][20] - Focus on partnerships rather than large acquisitions in private markets [20] Institutional Investor Sentiment - Increasing skepticism among asset owners regarding U.S. market valuations, leading to diversification into international markets [25] - Two-thirds of managed assets are non-dollar denominated, indicating strong international exposure [26] Active ETF Business - Growth from 0 to 7 active ETFs with $1 billion AUM, indicating strong demand for successful strategies [35][36] - Future plans include expanding into Europe and innovating new ETFs [37] Margin Improvement - Current margins are below industry average, with no structural limitations to improvement [42][44] - Focus on growing existing products and rationalizing underperforming strategies [45][46] Distribution and Sales Strategy - Impressive distribution team performance with record gross sales of $55 billion [55] - Need for increased front-line personnel to enhance intermediary relationships [55][57] Wealth Management Opportunities - Wealth business in France is profitable and has growth potential; U.S. wealth business offers unique high-net-worth services [71][72] AI Integration - AI will be leveraged in investment processes, client experience, and operational efficiency [75][76] - Aim to automate routine tasks to allow analysts more time for strategic thinking [76] Closing Remarks - Confidence in Lazard's strengths and long-term growth vectors, contributing to the Lazard 2030 ambitions [78]

Core Insights - Lazard exemplifies the concept of "contextual alpha," which integrates various factors such as regulatory and macroeconomic elements into investment analysis, enhancing the quality of M&A and asset investment decisions [2][3] Company Background - The leadership at Lazard, including figures like Felix Rohatyn, has historically focused on a comprehensive approach to investment banking, which aligns with the current CEO's vision [3] Strategic Approach - The CEO's diverse background in business, government, and academia informs the strategic initiatives at Lazard, emphasizing the importance of contextual factors in investment decisions [2][3]

Lazard (NYSE: LAZ) 2026 Conference Summary Company Overview - **Company**: Lazard - **Date**: February 10, 2026 - **Speaker**: Peter Orszag, CEO and Chairman Key Points Industry Insights - **Contextual Alpha**: Lazard emphasizes "contextual alpha," which integrates macroeconomic and regulatory factors into investment analysis, a concept rooted in the firm's history with figures like Felix Rohatyn [4][6] - **U.S. Economy**: The U.S. economy is described as "strong but fragile," driven by an AI investment boom and high-income consumer spending [8][9] - **Corporate Performance Disparity**: There is a significant disparity in corporate performance, with the 95th percentile firms achieving returns on invested capital (ROIC) 25 times higher than the 10th percentile, compared to a 10 times ratio two decades ago [11][12] - **M&A Opportunities**: The current regulatory environment is more accommodating, leading to increased ambitions for mergers and acquisitions (M&A), with potential GDP gains of 15% from M&A activity [9][13] Company Strategy - **Lazard 2030 Initiative**: Aimed at enhancing ambition and shareholder returns, including a C-Corp conversion to attract new investors [30][32] - **Cultural Transformation**: Lazard has undergone a cultural shift towards a more collegial and collaborative environment, improving recruitment and internal morale [43][46] - **Advisory Business Focus**: The advisory side is prioritizing productivity improvements, with a target of increasing productivity per managing director by $2.5 million relative to 2023 [53][54] Advisory Business Developments - **Managing Director Changes**: Lazard has replaced 80 out of 200 managing directors to enhance performance and productivity [53] - **Expansion Plans**: Plans to rebalance focus between public and private company work, with an emphasis on large-cap public company transactions [57][58] - **Private Capital Growth**: The share of advisory revenue from private capital has increased from 25% to 40%, with plans to grow this further [66] Asset Management Insights - **Focus Areas**: Lazard is concentrating on quant and systematic strategies, emerging market equity, and customized solutions, with strong inflows in these areas [81][82] - **Wealth Management Potential**: The wealth management segment, particularly in Paris, is seen as having significant growth potential, leveraging the Lazard brand and insights [92][93] AI Integration - **AI Utilization**: Lazard is integrating AI tools to enhance productivity and efficiency, with expectations of smaller deal teams in the future [115][116] - **AI's Role in Operations**: AI is expected to streamline operations, allowing bankers to focus more on in-person relationships and less on administrative tasks [115][116] Capital Allocation Strategy - **Prioritization Changes**: The focus on buybacks has shifted to prioritizing inorganic growth opportunities and cash management, with a disciplined approach to acquisitions [112][113] Conclusion - **Future Outlook**: Lazard is optimistic about its growth trajectory, driven by cultural transformation, strategic focus on advisory and asset management, and the integration of AI technologies [34][106]

Core Insights - Lazard, Inc. reported preliminary assets under management (AUM) of approximately $267.0 billion as of January 31, 2026, reflecting a market appreciation of $7.6 billion, net inflows of $2.9 billion, and foreign exchange (FX) appreciation of $2.1 billion [1] Group 1: Assets Under Management - The AUM as of January 31, 2026, includes $195.775 billion in equity, $35.758 billion in fixed income, $25.267 billion in multi-asset, and $10.153 billion in alternatives [1] - The total AUM increased from $254.300 billion as of December 31, 2025, indicating a growth of approximately 5.5% month-over-month [1] Group 2: Company Overview - Lazard is a leading financial advisory and asset management firm, established in 1848, with a global presence across North and South America, Europe, the Middle East, Asia, and Australia [1] - The firm provides a range of services including advice on mergers and acquisitions, capital markets, restructuring, and asset management for various clients including institutions, corporations, and high net worth individuals [1]

Transmission system operator TenneT has agreed to sell a 25.1% stake in its German subsidiary to the German Government, facilitated by Kreditanstalt für Wiederaufbau (KfW), for approximately €3.3bn ($3.9bn). The transaction, which follows an earlier €9.5bn commitment from institutional investors including APG, GIC and Norges Bank Investment Management, is expected to enhance TenneT Germany's financial standing and support essential infrastructure management within the country. The sale will adhere to th ...