Financial Data and Key Metrics Changes - The company reported a strong income growth of 12%, with total income reaching GBP 16.4 billion, exceeding guidance of around GBP 16.3 billion [4] - Earnings per share grew 27% to GBP 0.68, and dividends per share increased 51% to GBP 0.325 [3] - The cost-income ratio improved to 48.6%, down 4.8 percentage points from the previous year [11] Business Line Data and Key Metrics Changes - Customer loans increased by 5.6% to GBP 392.7 billion, driven by growth in mortgages and unsecured lending [6] - Customer deposits rose by 2.4% to GBP 442 billion, with retail banking deposits increasing by 4% [8] - Assets under management (AUM) grew by nearly 20% to GBP 58.5 billion, with net flows up 44% [9] Market Data and Key Metrics Changes - The company added 1 million new customers during the year, indicating broad-based growth across its three business lines [2] - The net interest margin increased by 21 basis points to 234 basis points, primarily due to deposit growth and margin expansion [4] Company Strategy and Development Direction - The company aims to grow customer assets and liabilities at an annual rate greater than 4% from 2025 to 2028, while reducing the cost-income ratio to below 45% [34] - There is a focus on leveraging simplification and investing in AI to drive growth and improve customer experience [34] - The company plans to manage its balance sheet and risk effectively, with an emphasis on dynamic pricing and advanced data analytics [34] Management's Comments on Operating Environment and Future Outlook - Management expects moderate growth in the macro environment for 2026, with unemployment peaking at levels comfortable for lending risk appetite [11] - The guidance for loan impairment rates is set to be below 25 basis points, reflecting a normalization in impairments and growth in the loan book [75] - The company remains confident in its ability to generate capital and maintain a strong capital position, with a CET1 ratio of 14% [17] Other Important Information - The company successfully completed its 2025 funding plan with GBP 7.1 billion in benchmark issuance [16] - Credit ratings improved, with Fitch upgrading all rated entities and S&P raising the rating of NatWest Group PLC to A-minus [32] Q&A Session Summary Question: How do you think about risk appetite and quantum of RWAs that can be optimized? - Management highlighted the execution of SRT transactions and the potential for further transactions in 2026 and 2027 to optimize capital and risk profile [37][38] Question: How do you set the leverage buffer target in relation to the capital target or the RWA framework? - Management indicated that risk weights are expected to be the binding constraint moving forward, rather than leverage [51] Question: What is driving the higher impairment change guidance to 25 basis points? - Management explained that the guidance reflects a normalization in impairments and growth in the loan book, particularly in unsecured lending [75]

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]

Core Viewpoint - Man Group's shares increased by 2.6%, reaching their highest level since early April, following a reported 22% rise in assets under management (AUM) to a record $213.9 billion [1] Group 1: Company Performance - Man Group reported a 22% increase in AUM, reaching a record $213.9 billion [1] - The rise in share price indicates positive market sentiment towards the company's performance [1] Group 2: Market Reaction - The increase in shares by 2.6% reflects investor confidence and market response to the company's strong AUM growth [1]