金融中心是现代城市的天际线，纽约华尔街、香港中环、上海陆家嘴……都是如此。 金融中心是一座城市、一个国家的"经济心脏"，几平方公里的范围内，金融机构高度集聚，信息如电流 瞬时传递，交易如心跳时刻不停，资金如血液快速流动，是经济运行和社会发展的引擎。金融中心不仅 是资金和信息的汇聚地，更是梦想和挑战的舞台，见证奋斗与创新，承载国家和城市的发展希望。 《1985年-2000年厦门经济社会发展战略》首次提出：到2050年将厦门建成"自由金融区"和亚洲金融中 心之一的目标；2010年，国务院批准设立厦门"两岸区域性金融中心"；2011年，国家"十二五"规划确 立"推进厦门两岸区域性金融服务中心建设"，同年，《海峡西岸经济区发展规划》支持厦门扩大金融改 革试点，先行试验一些金融领域重大改革措施，以金融推动两岸经济深化合作。 "两岸金融中心"批准设立15周年之际，6月28日，国内外近百家金融机构和厦门政府200多位代表汇聚北 京金融街，回顾"两岸金融中心"的发展历程，共商"两岸金融中心"高质量发展大计。 厦门市委书记崔永辉说："6月22日新闻联播以'为有源头活水来'对习近平同志在福建工作期间所做出的 一系列关于金融事业发 ...

Financial Data and Key Metrics Changes - The company reported revenues of $365 million in Q2 2025, a 38% increase compared to the prior year period, marking the highest second quarter revenues on record [5] - First half revenues reached $672 million, up 39% from the prior year period [5] - The compensation expense ratio for Q2 was 69%, consistent with the previous quarter, while non-compensation expense ratio was 14.4% [6][7] - The corporate tax rate was accrued at 29.5%, consistent with Q1 [7] - The company maintained a strong balance sheet with cash and liquid investments of $475 million and no debt [7] Business Line Data and Key Metrics Changes - The year-over-year revenue increase was primarily driven by growth in M&A and capital markets [6] - The company achieved record revenues in the first half of the year, reflecting successful investments in capital markets [9] Market Data and Key Metrics Changes - The company noted a significantly improved transaction environment entering the second half of the year, recovering from the disruptions caused by the "Liberation Day" market chaos [8] - The pipeline for new business origination is near record levels, indicating strong market activity [8] Company Strategy and Development Direction - The company aims to build a premier platform in secondary and primary capital solutions for sponsors, with plans to aggressively scale this franchise [9] - The focus remains on investing in high total addressable markets (TAMs) and attracting elite talent to drive revenue growth [31][32] - The company is committed to maintaining a strong culture and internal talent development, with 40% of MDs being internally promoted [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the improving market conditions and the company's ability to execute for clients [9] - The company anticipates continued growth in the private capital advisory business, viewing it as a significant revenue opportunity [26][28] - Management acknowledged the potential for returning excess capital to shareholders, including stock repurchases [77][78] Other Important Information - A CEO transition is underway, with Navid Mahmoodzadegan stepping into the role, while Kenneth Moelis will serve as Executive Chairman [11][13] - The company is actively hiring in various sectors, focusing on building pipelines and covering more areas [65] Q&A Session Summary Question: Progression of sponsor reengagement across sectors - Management noted a broad recovery across sectors, with some areas still affected by trade uncertainty [20][22] Question: Addressable market for private capital advisory - Management sees the addressable market for private capital advisory as potentially exceeding a couple of hundred million dollars, with aggressive hiring planned [25][26] Question: Focus areas for the next phase of growth - The strategy will continue to focus on high TAMs, attracting elite talent, and maintaining a strong culture [31][32] Question: Outlook for M&A and IPO activity post Labor Day - Management indicated a steady improvement in market activity, with increasing enthusiasm for transactions [40][41] Question: Trends in restructuring activity - Restructuring activity has trended slightly down, as companies prefer financing options in a strong market [52] Question: Flexibility of compensation ratio - Management stated that the compensation ratio is top-line driven and will be evaluated based on revenue growth [56][60] Question: Hiring focus outside of PCA - Management is in active discussions for talent across various sectors, aiming to build franchises in untapped areas [65][66] Question: Cash and liquid investments return to shareholders - Management acknowledged excess capital and is considering various ways to return it to shareholders, including stock repurchases [77][78]

Financial Data and Key Metrics Changes - The company reported revenues of $365 million in Q2 2025, a 38% increase compared to the prior year period, marking the highest second quarter revenues on record [4] - First half revenues reached $672 million, up 39% from the prior year period [4] - The compensation expense ratio for Q2 was 69%, consistent with the previous quarter, while the non-compensation expense ratio was 14.4% [5][6] - The corporate tax rate was accrued at 29.5%, consistent with Q1 [6] - The company maintained a strong balance sheet with cash and liquid investments of $475 million and no debt [6] Business Line Data and Key Metrics Changes - The year-over-year revenue increase was primarily driven by growth in M&A and capital markets [5] - The company achieved record revenues in the first half of the year, reflecting successful investments made over the past few years [7] Market Data and Key Metrics Changes - The company noted a significantly improved transaction environment entering the second half of the year, recovering from the disruptions caused by Liberation Day [7] - The pipeline for new business origination is near record levels, indicating strong market activity [7] Company Strategy and Development Direction - The company aims to aggressively scale its private capital advisory business, viewing it as a significant growth opportunity [9][25] - The capital structure advisory team is engaged in a steady amount of liability management across various industries [10] - The company plans to continue investing in high total addressable markets (TAMs) and attracting elite talent to drive growth [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the improving market conditions and the growing investor risk appetite [8] - The company anticipates a steady improvement in market activity, with a focus on maintaining flexibility in hiring and investment strategies [36][60] Other Important Information - The company declared a regular quarterly dividend of $0.65 per share, consistent with the prior period [6] - A CEO transition is underway, with Naved Mabuzadigan stepping into the role, emphasizing a focus on client relationships and talent development [11][13] Q&A Session Summary Question: Progression of sponsor reengagement across sectors - Management noted a broad recovery across sectors, with some areas still affected by trade uncertainties, but overall enthusiasm is returning [21][22] Question: Addressable market for private capital advisory - Management believes the addressable market for private capital advisory could be several hundred million dollars, with plans for aggressive hiring to support growth [25][27] Question: Next phase of growth focus - The focus will remain on high TAMs, attracting elite talent, and maintaining a strong internal culture [31][32] Question: Outlook for restructuring activity - Restructuring activity has trended slightly down, as companies prefer financing options in a strong market [52] Question: Compensation ratio flexibility - Management indicated that the compensation ratio is top-line driven and will be evaluated based on revenue growth [56][60] Question: Cash and liquid investments return to shareholders - The company is considering various ways to return excess capital to shareholders, including stock repurchases [76]

Investor Presentation July 2025 Forward Looking Statements This presentation contains forward-looking statements, which reflect the Firm's current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "target," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versio ...

Core Insights - Lazard reported revenue of $769.87 million for the quarter ended June 2025, reflecting a 12.5% increase year-over-year and surpassing the Zacks Consensus Estimate of $688.5 million by 11.82% [1] - The company's EPS was $0.52, consistent with the previous year's quarter, and exceeded the consensus EPS estimate of $0.38 by 36.84% [1] Financial Performance - Assets under management at the end of the period reached $248.36 billion, exceeding the average estimate of $236.20 billion [4] - Total Fixed Income assets under management were $47.06 billion, above the average estimate of $45.12 billion [4] - Net flows were positive at $0.68 billion, contrasting with the estimated outflow of $3.51 billion [4] - Adjusted net revenue from Asset Management was $268.49 million, slightly above the estimated $261.01 million, marking a 1.2% increase year-over-year [4] - Adjusted net revenue from Financial Advisory was $491.36 million, significantly higher than the estimated $417.05 million, representing a 20.5% year-over-year increase [4] - Adjusted net revenue from Corporate was $10.02 million, exceeding the estimate of $9.44 million, but showing a decline of 12.8% compared to the previous year [4] Market Performance - Lazard's shares have returned 17.4% over the past month, outperforming the Zacks S&P 500 composite's 5.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - The company reported total firm-wide adjusted net revenue of $1.4 billion for the first half of the year, with a record first half in Financial Advisory generating adjusted net revenue of $861 million [2][3] - For the second quarter, firm-wide adjusted net revenue was $770 million, up 12% year-over-year, driven by Financial Advisory, which achieved adjusted net revenue of $491 million, up 20% from the previous year [5][6] - Adjusted compensation expense for the second quarter was $504 million, resulting in a compensation ratio of 65.5%, compared to 66% for the same quarter last year [9][10] Business Line Data and Key Metrics Changes - Financial Advisory revenue represented over 40% of total financial advisory revenue from private capital, reflecting a strategic shift towards this area [3] - Asset Management reported adjusted net revenue of $533 million for the first half of the year, with a positive net flow in the second quarter and AUM increasing by 10% year-to-date [3][4] - The second quarter adjusted net revenue for Asset Management was $268 million, up 1% year-over-year, with average AUM of $239 billion, which was 3% lower than the previous year [7][8] Market Data and Key Metrics Changes - The company noted strong client engagement across both businesses, with corporate leaders becoming more comfortable making decisions in the current environment [4] - Market appreciation contributed $11.9 billion to AUM, with foreign exchange appreciation adding $8.4 billion and net inflows of $700 million during the quarter [8] Company Strategy and Development Direction - The company is focusing on diversifying its advisory business model, with a current mix of approximately 60% M&A and 40% non-M&A activities [19] - There is an emphasis on enhancing the Asset Management business through improved sales and distribution strategies, with record gross inflows in the first half of the year [13][14] - The company is well-positioned to benefit from ongoing investments in private capital coverage and expects private equity to play a more active role in M&A [12][73] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improving environment for financial advisory activity, citing strong corporate balance sheets and a constructive financing market [11][24] - The company anticipates that the regulatory environment will clarify, which should facilitate M&A activity, particularly from private equity [73] - Management highlighted the importance of human relationships in an AI-enabled world, emphasizing that deep client connectivity will remain crucial [69] Other Important Information - The company has returned $60 million to shareholders in the second quarter, including a quarterly dividend of $47 million [10] - The adjusted effective tax rate for the second quarter was 36.5%, with expectations for the full year to be in the mid-twenty percent range [10] Q&A Session Summary Question: Advisory outlook and recovery trajectory - Management emphasized the diversification of the advisory business model, now at a mix of 60% M&A and 40% non-M&A, and noted that while the environment is improving, it may not be linear [19][20] Question: Asset management distribution momentum - Management discussed changes in sales and distribution teams, highlighting clarity and accountability in setting specific goals, which have contributed to improved performance [29][30] Question: Timing to hit compensation ratio goals - Management stated that achieving the goal of a 60% compensation ratio will depend on market conditions and performance, with no specific timetable provided [36][37] Question: M&A activity in Europe vs. the U.S. - Management noted that while European activity remains strong, they expect a disproportionate pickup in U.S. activity in the latter half of the year [46][47] Question: Impact of recent inflows on asset management fee rates - Management indicated that the fee rate increased slightly quarter-over-quarter and year-over-year, with expectations for stability or an increase in average fee rates due to shifts in AUM [78][79]

Lazard’s chief executive officer welcomed private equity firms rolling back aggressive hiring of investment-banking analysts, but said he won’t implement transparency rules the way many large banks have done to discourage analysts from leaving https://t.co/pLLqAOV61I ...

Lazard's Business Overview - Lazard is an independent financial advisory and asset management firm[11] - Asset Management AUM reached $248 billion in 2Q25, with 63% in non-USD securities[19] - Financial Advisory had >200 clients in FY24 with fees >$1M[19] Financial Performance & Strategy - Lazard aims to double revenue by 2030 and achieve a 10-15% average annual total shareholder return (TSR)[31] - In 2024, Financial Advisory net revenue was $1731 million and Asset Management net revenue was $1100 million[161] - Lazard targets an $85 million annual revenue per MD in Financial Advisory by 2025, increasing to $10 million by 2028[34] Financial Metrics - Adjusted net revenue for 2024 was $2890 million[159] - The adjusted compensation ratio for 2024 was 659%[154] - The adjusted non-compensation ratio for 2024 was 199%[156]

Summary of Key Takeaways from the Expert Call on China's Quasi-Stewardship Code Industry Overview - The discussion centers around the governance norms in China, particularly focusing on the newly introduced quasi-Stewardship Code and its implications for corporate governance in the country [7][9]. Core Points and Arguments 1. **Drivers Reshaping Governance Norms**: - China's governance norms are being reshaped by three primary drivers: strong regulation, state-owned enterprise (SOE) reforms, and increased investor activism [12]. - Regulatory bodies like the China Securities Regulatory Commission (CSRC) have intensified oversight, emphasizing dividend distribution and governance reform [8]. 2. **Quasi-Stewardship Code**: - The quasi-Stewardship Code, introduced in May 2025, mandates a 5% holding threshold for investor voting on key shareholder matters and requires annual disclosure of voting records [9]. - Non-compliance with the Code may lead to self-regulation or disciplinary actions [9]. 3. **Regulatory Reforms**: - The revised Company Law, effective July 2024, replaces supervisory boards with audit committees, introduces employee directors, and lowers the shareholder proposal threshold from 3% to 1% [10]. - The State Council's 'Nine Articles' further reinforce investor protection and market supervision [10]. 4. **ESG Disclosure Requirements**: - There is a growing emphasis on Environmental, Social, and Governance (ESG) disclosures, with central SOEs leading the charge. The ESG disclosure ratio increased significantly to 91% in 2024, up from 52% in 2021 [10]. 5. **Cultural Hurdles**: - While there has been an increase in shareholder proposals, the challenges faced are more cultural than technical, indicating a need for a shift in mindset among investors and companies [11]. 6. **Future Expectations**: - The governance reforms in China are expected to be execution-led over the next five years, with SOEs and central SOEs anticipated to show the most significant advancements [11]. - Index heavyweight companies are expected to lead in governance improvements, with a focus on linking executive KPIs to return on equity (ROE) and dividend payouts [11]. Other Important Insights - The increase in shareholder proposals has not yet been significant as of the first half of 2025, but there are attempts from investors to nominate independent directors in listed companies [11]. - The overall trajectory of governance reform in China is being shaped by a combination of regulatory changes, market dynamics, and evolving investor expectations [10][11].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Consumer Sector** and its performance as indicated by the **Five-factor Consumer Activity Z-Score** compared to **MSCI China** [1][3]. Core Insights and Arguments - **Consumer Activity Decline**: Consumer activity weakened in June 2025, as evidenced by a decline in the Five-factor Consumer Activity Z-Score [6][7]. - **Contributing Factors**: The decline in consumer activity is attributed to: - Early promotions in May - Temporary suspension of subsidies - Tighter government control on entertainment [7]. - **Mixed Signals**: While commodity retail sales and catering softened, there were slight improvements in household loans, air passenger travel, and passenger car sales [7]. - **Future Outlook**: The payback of export front-loading and delayed new stimulus measures may pressure consumer sentiment in the upcoming months [7]. - **Government Actions**: The impact of recent government efforts to control price wars among e-commerce platforms remains uncertain [7]. Important but Overlooked Content - The report includes a detailed analysis of five key factors influencing consumer activity: 1. Year-over-year change in household loans 2. Year-over-year change in retail sales in catering 3. Year-over-year change in retail sales in commodities (excluding autos) 4. Year-over-year change in passenger car retail sales (3-month moving average) 5. Year-over-year change in air passenger traffic (3-month moving average) [2][6]. This comprehensive analysis provides a nuanced view of the current state of the consumer sector in China, highlighting both challenges and areas of slight improvement.