Core Viewpoint - Lazard Ltd. (LAZ) has outperformed its peers and the industry with a 19% share price increase over the past three months, driven by solid revenue growth, strategic initiatives, and cost management efforts [1][8]. Revenue Growth - Lazard has achieved a compound annual growth rate (CAGR) of 7.9% in revenues over the past four years, with continued momentum into the first half of 2025, primarily due to growth in financial advisory revenues and a diversified asset management mix [4]. - The company aims to double its revenues by 2030 while targeting an average annual shareholder return of 10-15% [5]. Asset Management Expansion - As of July 31, 2025, Lazard's preliminary assets under management (AUM) stood at $253.7 billion, reflecting a 3.1% increase from the previous year, supported by net inflows and market appreciation [9]. - The acquisition of Truvvo Partners in 2023 added $3.8 billion in AUM, and a partnership with Elaia Partners in 2024 introduced new asset management services focused on private market solutions in the technology sector [10]. Cost Management - Lazard is implementing disciplined cost management to restore historical profitability, targeting a compensation ratio of 60% or below and a non-compensation ratio between 16% and 20% [11]. - The company has seen a decrease in non-compensation expenses in recent years, contributing to improved margins [11]. Return on Equity - Lazard reported a trailing 12-month return on equity (ROE) of 34.33%, significantly higher than the industry average of 8.73%, indicating strong operational efficiency [12]. Earnings Projections - Earnings are projected to grow by 7.69% in 2025 and 54.10% in 2026, with recent upward revisions in earnings estimates reflecting positive analyst sentiment [13]. - Current earnings estimates for 2025 and 2026 have been adjusted upward, indicating encouraging prospects for the company [14]. Valuation - Lazard is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 15.85X, which is lower than the industry average of 20.56X, making it an attractive investment opportunity [16]. - The company’s strong fundamentals and upward estimate revisions further enhance its appeal for long-term investors [19].

NEW YORK, Aug. 19, 2025 /PRNewswire/ -- J.P. Morgan Asset Management today announced the launch of the JPMorgan Equity and Options ETF (JOYT) on the Cboe BZX Exchange. JOYT represents a strategic expansion of the Firm's innovative Equity Premium Income Suite, catering to clients seeking total return or already utilizing the JPMorgan Equity Premium Income ETF (JEPI) and the JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). Fund expands the firm's category-leading Equity Premium Income Suite The fund will int ...

My goal is to gain financial independence through passive income. I'm building a portfolio of income- generating investments that can eventually fully cover my basic living expenses. By achieving that target, I can alleviate the stress of relying on my paycheck to meet my financial needs. I strategically invest in many income-generating assets, including exchange-traded funds (ETFs). I recently bought more shares of the Schwab U.S. Dividend Equity ETF (SCHD -0.22%) and the J.P. Morgan Equity Premium Income ...

Report Industry Investment Rating - Not provided Core Viewpoints - CFAMCI's 1H25 net profit is expected to increase up to 16.3% yoy to RMB6.2bn, with growth mainly due to core business revenue increase, financing cost reduction, and despite asset impairment charges. The higher net profit is expected to boost capital adequacy and lower the leverage ratio. CFAMCIs remain top picks in the Chinese AMC space [7][8][9] - Hongqiao announced a buy - back of 10.2mn shares, which is positive for its CBs and largely neutral for straight bonds. The company maintains a neutral stance on HONGQIs based on valuation [12] Summary by Directory Trading Desk Comments - Asia IG space was unchanged to 3bps tighter yesterday. In Chinese IG, WB 30s tightened by 2bps, TENCNT 38 - 51s/HAOHUA 30/49 were 1bp tighter. Korea IG HYNMTR/LGENSO belly was 1 - 3bps tighter. In financials, HK CHIYBK 32 was 0.4pt higher, JP MUFG 44s were 0.6pt lower. TH banks were unchanged to 2bps tighter. There were small selling on BBLTB 34/40s T2 and better buying on BBLTB senior. STANLN 36s were 2bps wider. In lifers, SHIKON 35 was 1 - 2bp tighter, TYANLI 35 was 0.1pt lower. In HK, CTFSHK 29 was 1.6pt higher, NWDEVL 5.25 Perp/6.25 Perp were 0.3 - 0.4pt higher, HYSAN 4.85 Perp up 0.7pt. In Chinese HY, BTSDF 28 down 0.4pt, WESCHI 26 was 0.1pt lower. In Chinese properties, CHJMAO 29 and CHJMAO Perp were 0.1 - 0.6pt higher, LNGFOR 28/32 were 0.1 - 0.2pt lower, ROADKG 29 - 30 and ROADKG Perps down 0.2pt. In SEA, VLLPM 27 - 29s were 0.2 - 0.9pt higher, VEDLN 29 - 33s were 0.1 - 0.2pt higher, GLPSP Perps down 0.3 - 0.6pt [2] - This morning, the belly of HYNMTR were 2 - 3bps tighter. There were selling in STANLNs, JP lifers/HYSAN/CPREIT. HYSAN 4.85 Perp down 0.7pt, CDBFLC 30 was 1 - 2bps wider, NWDEVL 30 was 0.3pt higher. CFAMCI: 1H25 net profit to increase up to 16.3% yoy to RMB6.2bn, CFAMCI 5.5 47 down 0.5pt this morning while the rest were unchanged. HONGQI: Buy - back of 10.2mn shares, HONGQI 7.05 28 down 0.1pt this morning [3] Top Performers and Underperformers - Top Performers: CTFSHK 4 1/4 06/27/29 up 1.6, TENCNT 3.68 04/22/41 up 1.0, VLLPM 9 3/8 07/29/29 up 0.9, HYSAN 4.85 PERP up 0.7, CHJMAO 4 1/4 07/23/29 up 0.6 [4] - Top Underperformers: GARUDA 6 1/2 12/28/31 down 1.4, TSIVMG 1.55 12/17/29 down 1.0, TAISEM 3 1/8 10/25/41 down 0.6, GLPSP 4.6 PERP down 0.6, MUFG 4.7 03/10/44 down 0.6 [4] Macro News Recap - Macro: S&P (-0.01%), Dow (-0.08%), and Nasdaq (+0.03%) were mixed on Monday. UST yield was higher, with 2/5/10/30 yield at 3.77%/3.86%/4.34%/4.94% [6] Desk Analyst Comments - CFAMCI's 1H25 net profit growth is due to core business revenue increase, financing cost reduction, and despite asset impairment charges. The company's focus on high - quality investments and diverse funding channels support profit growth, and the higher net profit is expected to boost capital adequacy and lower the leverage ratio [7][8] - The company maintains a buy on CCAMCL 4.4 Perp and a neutral stance on GRWALL 7.15 Perp. It prefers CFAMCI 3.875 11/13/29, CFAMCI 3.375 02/24/30, and CFAMCI 3.625 09/30/30 within the CFAMCI curve [9] Hongqiao Analysis - Hongqiao announced a buy - back of 10.2mn shares for cHKD234mn, with a latest mandate of no less than HKD3bn. The buy - back aims to minimize dilution as its o/s USD300mn CB due Jan'26 will be converted into shares. It is positive for CBs and largely neutral for straight bonds. The company maintains a neutral stance on HONGQIs [12] Offshore Asia New Issues - Priced: DBS Bank issued USD2000mn with a 3 - year tenor at 3.989%, Zhangzhou Yuanshan Development issued USD22mn with a 3 - year tenor at 7.0% [13] - Pipeline: Ganzhou Urban Investment Holding plans a 3 - year issue at 5.4%, Tongling State - owned Capital Operation Holding Group plans a 3 - year issue at 5.1% [14] News and Market Color - Onshore primary issuances: 97 credit bonds were issued yesterday with an amount of RMB69bn. Month - to - date, 1,208 credit bonds were issued with a total amount of RMB1,081bn, a 0.2% yoy decrease - Other news: COGARD extended RSA fee deadlines, FUTLAN/FTLNHD obtained bourse approval for onshore ABS offering, HYSAN completed the redemption of USD850mn HYSAN 4.1 Perp, HYUELE repaid KRW3.4tn loans, LGELEC started a voluntary retirement program [15] - Other corporate news: NIO to expand into Singapore, Uzbekistan, and Costa Rica; PTTGC eyes THB30bn from non - core assets monetization; Rakuten to start satellite - based services; Road King's loss to widen; SoftBank to acquire a stake in Intel; Tongyang Life to redeem USD300mn TYANLI 5.25 Perp; Vedanta Ltd to consider second interim dividend; Hindustan Zinc to set up a tailings reprocessing plant [21]

（原标题：光大理财李永锋：资管机构携手合作? 共同打造财富管理新生态） 21世纪经济报道 记者郭聪聪 财富管理与资产管理机构合作空间巨大 李永锋认为，伴随着我国经济社会的高质量发展，政策倡导多渠道增加居民财产性收入，同时要提高直 接融资比重。在政策的东风下，包括银行理财在内的资产管理行业，作为直接融资的重要组成部分，在 增加居民财产性收入方面，角色关键使命光荣。资产管理和财富管理行业在我国发展空间巨大，需要各 类机构之间充分协同与协作，坚持以客户为中心，共同服务好客户的财富需求，服务好老百姓对美好生 活的追求。 8月16日，由南方财经全媒体集团指导，《21世纪经济报道》主办、浦发银行联合主办的"2025资产管理 年会"在上海浦东隆重举办。 光大理财副总经理李永锋受邀出席，并以"资产管理机构之间协同携手 共同打造财富管理新生态"为主 题发表了主旨演讲，深入分析了资产管理机构之间协同合作的巨大空间，阐述了被动投资的发展趋势与 机遇。 对于行业未来发展，他指出，"资产管理行业内部的合作远大于竞争，我们各类机构站在不同的财富管 理生态位，应协同合作，大家优势互补，共同服务好客户的资产配置需要和财富管理需求。" 对于理 ...

21世纪经济报道 记者郭聪聪 8月16日，由南方财经全媒体集团指导，《21世纪经济报道》主办、浦发银行联合主办的"2025资产管理年会"在上海浦东隆重举办。 光大理财副总经理李永锋受邀出席，并以"资产管理机构之间协同携手 共同打造财富管理新生态"为主题发表了主旨演讲，深入分析了资产管理机构之间协 同合作的巨大空间，阐述了被动投资的发展趋势与机遇。 对于行业未来发展，他指出，"资产管理行业内部的合作远大于竞争，我们各类机构站在不同的财富管理生态位，应协同合作，大家优势互补，共同服务好 客户的资产配置需要和财富管理需求。" 光大理财副总经理 李永锋 李永锋指出，被动投资和指数化投资的理论依据是"有效市场假说"，历经市场长期验证，已成为全球资管行业的重要发展方向，其中ETF的崛起堪称"金融 史上最伟大的创新之一"。 他以美国市场为例展开了介绍：2023年美国被动投资规模历史性超越主动投资；截至2024年底，其ETF保有规模突破10万亿美元，占全球ETF总量的70%。 除传统宽基指数外，主动ETF、个股ETF、杠杆反向ETF乃至加密货币ETF等创新产品层出不穷，并与投资顾问服务深度融合。 对比中国市场，李永锋强调，被 ...

21世纪经济报道记者 吴霜 贝莱德基金表示，王登峰在本地市场的深厚经验、前瞻的战略视角以及广泛的行业资源，将在强化贝莱 德基金固定收益平台、拓展产品体系方面发挥重要作用。他在投资策略、产品创新及流动性管理方面的 成功经验，将助力我们为客户提供更具差异化的解决方案。 近日记者获悉，"国民基金经理" 王登峰已于8月1日起内部调岗至贝莱德基金，任首席资金官（Head of Liquidity Management），负责流动性管理及固收投资策略。 目前，贝莱德建信理财副总经理，首席多资产投资官刘睿将扩展其职责，出任贝莱德建信理财首席投资 官一职。 彼时，贝莱德建信也正处于投资品类的扩张阶段。贝莱德建信理财是一家合资理财公司，成立于2021年 5月，由贝莱德，中国建设银行和淡马锡共同发起设立。成立之初，贝莱德建信基于其在权益领域的投 资优势，推出了两款权益类产品，但由于理财市场普遍对权益类产品接受程度低，规模难以起量。 此后，贝莱德建信理财开始扩展产品线，增加固收投资和多资产投资产品。王登峰正是在此背景下被引 入贝莱德建信理财，目前，贝莱德建信理财的管理规模已经超过513亿元，产品线已经覆盖固收、权 益、混合、养老、 ...

Group 1 - The article highlights the challenge of finding attractive opportunities in the equities market as market indexes approach all-time highs [1] - Income funds are presented as a more reliable investment option in the current market environment [1] - The author emphasizes the importance of a diversified investment strategy that includes classic dividend growth stocks, Business Development Companies, REITs, and Closed End Funds to enhance investment income while achieving total returns comparable to traditional index funds [1]

Group 1 - The event "2025 Asset Management Annual Conference" was held in Shanghai, focusing on multi-asset allocation strategies in a low-interest-rate environment [1] - Confidence and capital are crucial for the long-term development of China's capital market, with significant inflows from state-owned entities and pension funds since the "9.24" event last year [3] - The central economic work conference in December introduced a moderately loose monetary policy, marking a shift in the monetary policy landscape, which has since been reinforced, providing additional long-term investment capital [3] Group 2 - The bond market has experienced unprecedented volatility, with the 10-year government bond yield dropping over 80 basis points to 1.67% and then rising to 1.745% in the first eight months of 2025 [3] - There is a need for clear differentiation and positioning between short-term and medium-to-long-term investments, with short-term strategies focusing on stable coupon income and credit spreads [4] - The introduction of AI quantitative models and derivatives like government bond futures and interest rate swaps is recommended to enhance traditional analysis frameworks in the medium-to-long-term segment [4] Group 3 - The "fixed income plus" strategy is suggested to expand yield opportunities, with early investments in primary and secondary bond funds to capitalize on potential equity market trends [4] - It is advised to allocate a portion of investments to gold and dividend assets to hedge against inflation and policy uncertainties [4]

Clime Capital Limited Convertible Notes (CAM Notes) Offer - CAM Notes (ASX code: CAMG) offer a fixed interest return of 6.5% per annum, payable monthly, with a maturity date of 30 November 2028 [11] - The minimum investment is $2,000 (2,000 Notes @ $1.00 each) [11] - CAM Notes are convertible to ordinary CAM shares at $1.00 on a 1:1 basis anytime before maturity [11] - The notes are unsecured and unsubordinated, ranking behind secured creditors and equal with other unsubordinated debt [11] CAM.ASX Strategy - CAM.ASX is a Listed Investment Company equities portfolio focused on generating income above ASX 200 Dividend yield [18] - CAM.ASX leverages up to 40% of portfolio value to generate an interest margin and improve yield [18] - Clime Capital's Gross Asset Value (GAV) is $155 million as of 18 August 2025 [30] - Clime Capital (CAM.ASX) has 149 million shares on issue, with a market capitalization of $105 million and NTA (Net Tangible Assets) per share of $0.82 [30] Private Credit Market - Australia's non-bank lending sector has grown to $310 billion as of April 2025, representing approximately 8% of the total credit market of $3.93 trillion [46] - In January 2017, non-bank lending was $133 billion compared to a total credit market of $2.6 trillion [46] - The portfolio mix for credit investments is approximately 60-90% in private loans and 10-40% in liquid credit/cash [55]