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Lazard's (LAZ) September AUM Declines on Market Losses

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Lazard Ltd. (LAZ - Free Report) recorded a 1.9% fall in preliminary assets under management (AUM) as of Sep 30, 2020, from the prior month. Total AUM came in at $227.8 billion, down from the August 2020 figure of $232.3 billion.

Following this development, shares of the company have declined 1.5%.

The September AUM displayed a $3.2-billion market depreciation and an unfavorable foreign-exchange impact of $2 billion. These were, however, offset by net inflows of $0.7 billion.

Lazard’s equity AUM at the end of September edged down 1.9% from the prior month to $183.8 billion. Also, other assets decreased 1.7% to $4.5 billion. Further, fixed income AUM fell 2.2% on a sequential basis to $39.5 billion.

Lazard is well positioned to grow organically on its robust Financial Advisory and Asset Management segments. However, the absence of continued growth in equity markets and stringent regulations are headwinds.

Shares of the company have gained 49.5% in the past six months compared with 40% growth registered by the industry.

 

Currently, Lazard carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other Asset Managers

Cohen & Steers, Inc. (CNS - Free Report) reported preliminary AUM of $70.5 billion as of Sep 30, 2020, which decreased 2.2% from the prior-month level. Market depreciation of $1.2 billion, net outflows of $24 million and distributions outflow of $303 million resulted in this AUM decline.

Franklin Resources (BEN - Free Report) announced preliminary AUM by its subsidiaries of $1.42 trillion for September. Results display a 1.6% decrease from the $1.44 trillion recorded as of Aug 31, 2020.

Invesco’s (IVZ - Free Report) preliminary month-end AUM of $1,218.2 billion for August represents a 2.2% decrease from the previous month.

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