(And if you need help evaluating your investment needs in retirement, work with a financial advisor .)These questions shape everything that follows. Until they're answered, it's impossible to know how much your portfolio needs to return or how much risk it can responsibly take. A portfolio that is appropriate for someone with substantial guaranteed income and modest spending needs will likely look very different from one designed to fully fund a retiree's lifestyle. Without this context, investment decision ...

Core Insights - Lazard Inc. (LAZ) reported better-than-expected quarterly results, with shares gaining 2.2% following the announcement of adjusted earnings per share (EPS) of 80 cents, surpassing the Zacks Consensus Estimate of 68 cents and up from 78 cents in the previous year [1][8] Financial Performance - For Q4 2025, adjusted net revenues were $892.1 million, reflecting a 10% year-over-year increase and exceeding the Zacks Consensus Estimate by 10.1% [4] - For the full year 2025, adjusted EPS was $2.44, beating the Zacks Consensus Estimate of $2.32 and up from $2.34 in the prior year [3] - Net income on a GAAP basis for Q4 was $49.9 million, a decline of 42% from the prior-year quarter, while full-year net income was $2.36 billion, down 15% year over year [2][3] Revenue Segments - Financial Advisory segment reported adjusted operating revenues of $541.6 million, up 7% year-over-year, supported by strong advisory activity [6] - Asset Management segment saw adjusted operating revenues of $338.6 million, an 18% increase year-over-year, driven by higher management and incentive fees [6] - Corporate segment adjusted operating revenues were $11.9 million, down from $17.6 million in the previous year [6] Asset Management - Total assets under management (AUM) as of December 31, 2025, were $254.3 billion, a 12% increase year-over-year [7][9] - Average AUM for the reported quarter was $261.1 billion, also reflecting a 12% year-over-year growth [9] Expense Analysis - Operating expenses increased by 16% year-over-year to $821.8 million, primarily due to higher compensation costs [5] - The ratio of adjusted compensation expenses to operating revenues was 65.5%, slightly lower than 65.6% in the previous year [5] - The ratio of adjusted non-compensation expenses to operating revenues was 17.8%, down from 19% in the prior-year quarter [5] Balance Sheet and Share Repurchase - Cash and cash equivalents totaled $1.47 billion as of December 31, 2025, up from $1.31 billion in the prior quarter, indicating a strong liquidity position [10] - Lazard repurchased $50 million of common stock in Q4 2025, equivalent to 1 million shares, with approximately $109 million remaining for future repurchases [11] Market Position and Outlook - The company continues to benefit from strong momentum in Financial Advisory and Asset Management, supported by higher revenues and improved market conditions [12] - Persistent cost pressures, particularly related to compensation, require close monitoring going forward [12]

Core Viewpoint - A Long Island-based investment advisor, Jeffrey Slothower, has been sentenced to six years in prison for defrauding clients out of over $1 million through fraudulent investment schemes [2]. Group 1: Fraudulent Activities - Slothower used his position to steal over $1 million from clients, fabricating profitable returns to fund personal expenses and pay off credit card bills [2]. - He was convicted of wire fraud, investment advisor fraud, and money laundering, receiving a 72-month prison sentence and ordered to pay over $1.16 million in restitution and forfeiture [2]. Group 2: Background and Operations - Slothower registered as a financial advisor in 2002, working for firms like Goldman Sachs, Northwestern, and Merrill Lynch before running Battery Private, which terminated its SEC registration in 2017 [3]. - He solicited a couple from California, promising to outperform their current investments without market risk, and offered to invest in bonds backed by homeowner's association fees with an 8% return [3][4]. Group 3: Misuse of Funds - The victim sent over $500,000 to Slothower for investment in the promised bonds, but he misappropriated the funds for personal purchases, including a $125,000 Mercedes-Benz SUV and golf club membership dues [4]. - Slothower continued to solicit funds from the victim while falsely claiming to make quarterly distributions, eventually involving the victim's spouse [5]. - Instead of investing the funds, he used the money to pay off credit card debts and make luxury purchases, including a Chanel purse for approximately $6,500, a Rolex watch for $13,000, and $11,000 in Ralph Lauren clothing [6].

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. When Barry Ritholtz and Josh Brown started Ritholtz Wealth Management in 2013, their plan was to build a partnership model in which they would sell a stake internally every year or so. In the early 2020s, they began to see their firm—and the registered investment advisor space in general—start to “explode,” according to Ritholtz. In response, the duo established a broader equity-sharing structur ...

Financial Data and Key Metrics Changes - For the full year 2025, the company reported firm-wide revenue of $3 billion, an increase of 5% from 2024, with fourth-quarter revenue of $892 million, up 10% year-over-year [12][5] - Financial advisory revenue reached $1.8 billion for the year, with fourth-quarter revenue of $542 million, up 7% from the previous year [12][7] - Asset management revenue was $1.2 billion for the year, with fourth-quarter revenue of $339 million, up 18% year-over-year [14][9] - The average revenue per Managing Director (MD) increased to $8.9 million, up $2.5 million since 2023 [8][20] - The adjusted effective tax rate for the full year was 22.7% [17] Business Line Data and Key Metrics Changes - In financial advisory, record revenue was achieved in EMEA and the Private Capital Advisory group, with strong performance in restructuring and liability management [7][12] - Asset management saw a 12% year-over-year increase in assets under management (AUM), reaching $254 billion as of December 31, 2025 [15][9] - The company reported record gross inflows exceeding $50 billion in asset management, supported by a focus on sales and distribution [9][10] Market Data and Key Metrics Changes - The company noted a current level of won but not yet funded mandates at $13 billion, indicating strong demand for its services [7][10] - The company anticipates positive net flows in both financial advisory and asset management for 2026, driven by ongoing client demand and market conditions [6][10] Company Strategy and Development Direction - The company is focused on executing its Lazard 2030 long-term growth strategy, emphasizing investments in talent and operational efficiency [5][6] - There is a strategic shift towards enhancing advisory services related to private capital, aiming to increase the share of advisory revenue from private capital to 50% over time [22][32] - The company plans to expand its presence in North America, Europe, and the Middle East, with new offices opened in Denmark and the UAE [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the M&A cycle, expecting acceleration in 2026 despite geopolitical uncertainties [24][60] - The company highlighted the importance of contextual alpha in navigating complex market conditions, which is seen as a competitive advantage [28][60] - Management noted that the disparity in corporate performance is leading to increased restructuring and liability management activity, alongside M&A [98][34] Other Important Information - The company returned $393 million to shareholders in 2025, including dividends and share repurchases [18] - The compensation ratio for the full year was 65.5%, a slight improvement from 65.9% in the prior year [17] Q&A Session Summary Question: Advisory trends and revenue mix - The revenue mix for the year was approximately 60% M&A and 40% non-M&A, with expectations for the non-M&A component to rise over time [32][31] Question: CFO transition - The transition to the new CFO was characterized as normal and smooth, with the outgoing CFO serving as a senior advisor [40][39] Question: M&A market observations - Management anticipates heightened private equity activity in 2026, driven by sponsors needing to return capital to LPs [48][47] Question: Asset management fee rates and unfunded mandates - The exit rate was modestly higher than the quarter run rate, with a healthy mix in the $13 billion of won but not yet funded mandates [52][54] Question: Geopolitical tensions impact - No significant impact on corporate discussions was noted due to geopolitical tensions, with a focus on broader variables in decision-making [60][59] Question: Restructuring cycle outlook - Continued activity in restructuring is expected due to the widening performance disparity among companies [98][34]

Financial Data and Key Metrics Changes - Firm-wide revenue for 2025 was $3 billion, an increase of 5% from 2024, with fourth-quarter revenue at $892 million, up 10% year-over-year [11][4] - Financial advisory revenue reached $1.8 billion for the year, with fourth-quarter revenue at $542 million, up 7% from the previous year [11][6] - Asset management revenue was $1.2 billion for 2025, with fourth-quarter revenue at $339 million, up 18% year-over-year [12][8] - Average revenue per Managing Director (MD) increased to $8.9 million, up $2.5 million since 2023 [7][18] - The adjusted effective tax rate for 2025 was 22.7% [15] Business Line Data and Key Metrics Changes - In financial advisory, record revenue was reported in EMEA and the Private Capital Advisory group, with strong performance in restructuring and liability management [6][11] - Asset management AUM (Assets Under Management) was $254 billion as of December 31, 2025, a 12% increase year-over-year [13][8] - Gross inflows in asset management exceeded $50 billion, supported by a focus on sales and distribution [8][9] Market Data and Key Metrics Changes - The current level of won but not yet funded mandates is $13 billion, higher than the previous year, indicating strong client demand [6][9] - The firm anticipates positive net flows in 2026, driven by a diversified investment platform and strong client engagement [9][24] Company Strategy and Development Direction - The company is focused on executing its Lazard 2030 long-term growth strategy, with expectations for substantial growth in both financial advisory and asset management [4][5] - There is a strategic emphasis on enhancing advisory revenue from private capital, aiming to increase its share from approximately 40% to 50% over time [19][30] - The company plans to expand its presence in North America and continue investing in Europe and the Middle East, with new offices opened in Denmark and the UAE [20][24] Management's Comments on Operating Environment and Future Outlook - Management expects M&A activity to accelerate in 2026, despite ongoing geopolitical uncertainties [21][56] - The company sees a significant opportunity for restructuring and liability management due to the widening performance gap among companies [21][92] - The integration of AI into operations is viewed as a key driver for enhancing client outcomes and operational efficiency [24][25] Other Important Information - The company returned $393 million to shareholders in 2025, including dividends and share repurchases [16] - The compensation ratio for 2025 was 65.5%, a slight improvement from 65.9% in the previous year [15] Q&A Session Summary Question: Advisory trends and revenue mix - The revenue mix for the year was approximately 60% M&A and 40% non-M&A, with expectations for the non-M&A component to rise over time [30][31] Question: CFO transition - The transition to the new CFO is viewed as normal and smooth, with the outgoing CFO serving as a senior advisor during the transition [36][37] Question: Private equity activity and M&A outlook - Management anticipates heightened private equity activity in 2026, driven by LPs seeking returns and narrowing bid-ask spreads [45][46] Question: Asset management fee rates and unfunded mandates - The exit rate for the quarter was modestly higher than the average, with a healthy mix of asset classes in the $13 billion of won but not yet funded mandates [48][51] Question: Geopolitical tensions and corporate discussions - There has been no impact on corporate discussions from geopolitical tensions, and the regulatory environment is seen as accommodating for deals [55][56] Question: Incremental comp leverage and operating efficiency - Additional operating leverage is expected in 2026, with a focus on increasing productivity and creating efficiencies across corporate functions [61][62]

LAZARD JANUARY 2026 Investor Presentation Safe Harbor This presentation contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are "forward- looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "will," "should," "could," ...

Core Viewpoint - Lazard, Inc. has appointed Tracy Farr as Chief Financial Officer effective February 1, 2026, succeeding Mary Ann Betsch, who will transition to a senior advisor role [1][2][3] Group 1: Leadership Transition - Tracy Farr has 20 years of finance experience, including over a decade at Lazard, where he was a Managing Director in the Capital Structure Advisory group [1][4] - Mary Ann Betsch has played a significant role in strengthening Lazard's financial foundation and will assist in the transition [2][3] Group 2: Strategic Goals - As CFO, Farr will focus on improving operational efficiency and driving profitable growth aligned with Lazard's 2030 goals [3] - Betsch expressed confidence in the firm's preparedness for future opportunities under Farr's leadership [3] Group 3: Company Background - Lazard, founded in 1848, is a leading financial advisory and asset management firm with a global presence [5] - The firm provides a range of services including mergers and acquisitions, capital markets solutions, and asset management [5]

Core Insights - Lazard, Inc. reported a net revenue of $907 million for Q4 2025, marking an 11% increase from $817 million in Q4 2024, and a full-year net revenue of $3,099 million, a 2% increase from $3,052 million in 2024 [4][40] - The company’s adjusted net income for Q4 2025 was $89 million, or $0.80 per share, a 5% increase from $85 million in Q4 2024, while the full-year adjusted net income was $266 million, or $2.44 per share, a 9% increase from $244 million in 2024 [2][45] - CEO Peter R. Orszag emphasized the successful execution of the Lazard 2030 long-term growth strategy, highlighting record revenues in Financial Advisory and significant inflows in Asset Management [3][7] Financial Performance - For Q4 2025, Financial Advisory generated net revenue of $542 million, a 4% increase from Q4 2024, while for the full year, it reported $1,834 million, also a 4% increase [5][45] - Asset Management reported net revenue of $367 million for Q4 2025, an 18% increase from Q4 2024, and $1,275 million for the full year, a 7% increase [11][12] - The company’s total assets under management (AUM) reached $254 billion as of December 31, 2025, a 12% increase from $226 billion a year earlier [14][49] Shareholder Returns - Lazard returned $98 million to shareholders in Q4 2025, including $47 million in dividends and $50 million in stock repurchases [25][27] - For the full year 2025, the total return to shareholders was $393 million, comprising $187 million in dividends and $91 million in stock repurchases [26][27] Cost Management - Compensation and benefits expense for Q4 2025 was $638 million, up from $534 million in Q4 2024, with an adjusted compensation ratio of 65.5% [15][16] - Non-compensation expenses for Q4 2025 were $183 million, consistent with Q4 2024, while adjusted non-compensation expenses were $159 million, a 3% increase [19][20] Strategic Developments - Tracy Farr has been appointed as the new Chief Financial Officer, indicating a strategic move to strengthen the leadership team [3] - Lazard's restructuring and liability management practice has been engaged in various significant mandates, showcasing its active role in the market [9]

Core Insights - The article discusses the evolution of China's primary market over the past decade, highlighting a shift from a "gold rush" mentality to a focus on "deep cultivation" in the industry, with 2016 marking a pivotal year in this transition [1][3] Company Overview - Multi-Dimensional Capital was founded in 2016 by Cao Fangning, who left Roland Berger, a top consulting firm, to focus on cross-border mergers and acquisitions (M&A) rather than following the trend of quick returns in the internet sector [2][3] - The firm has completed over 300 transactions with a total transaction volume of 55 billion RMB, serving more than 500 companies and managing seven specialized investment funds as of 2025 [5] Market Dynamics - The landscape of cross-border M&A has shifted, with traditional financial advisory (FA) models struggling to adapt to the complexities of new technologies and geopolitical changes, creating opportunities for firms like Multi-Dimensional Capital [3][4] - The rise of hard technology and the need for deep industry understanding have redefined the rules of engagement in the primary market, moving away from simple matchmaking to complex transaction structuring [4][5] Competitive Advantage - Multi-Dimensional Capital differentiates itself by not just understanding financing but also by comprehensively grasping global technology paradigms and aligning them with China's industrial realities [4][11] - The firm positions itself as a "translator" between different capital systems, helping companies navigate the complexities of global supply chains and investment landscapes [11][13] Future Outlook - The company aims to evolve into a core infrastructure player in China's hard technology sector, providing a full lifecycle of support from early-stage incubation to later-stage funding and restructuring [30][31] - Multi-Dimensional Capital is focused on addressing the complexities of modern transactions, emphasizing the importance of understanding underlying industry logic and maintaining a long-term perspective in investment strategies [20][26]