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Franklin Resources, Inc. (BEN) - free report >>
Invesco Ltd. (IVZ) - free report >>
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Lazard's (LAZ) October AUM Falls on Market Depreciation
Lazard Ltd. (LAZ - Free Report) recorded a 1.6% decline in preliminary assets under management (AUM) as of Oct 31, 2020, from the prior month. Total AUM came in at $224.2 billion, down from the September 2020 figure of $227.8 billion.
The October AUM displays $3.9-billion market depreciation and a slightly unfavorable foreign-exchange impact. These positives were supported by net inflows of $0.3 billion.
Lazard’s equity AUM at the end of October fell 2.3% from the prior month to $179.6 billion. Yet, other assets increased 2.2% to $4.6 billion. Further, fixed income AUM inched up 1.3% on a sequential basis to $40 billion.
Lazard is well positioned to grow organically on the strength of its 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 51% in the past six months compared with 32.9% growth registered by the industry.
Currently, Lazard sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Competitive Landscape
Franklin Resources (BEN - Free Report) announced preliminary AUM by its subsidiaries of $1.39 trillion for October 2020. Results display a 2.1% decrease from the $1.42 trillion recorded as of Sep 30, 2020.
Cohen & Steers (CNS - Free Report) reported preliminary AUM of $71.3 billion as of Oct 31, 2020, which inched up 1% from the prior-month level. Net inflows of $2 billion were partially offset by market depreciation of $1.1 billion and distributions of $219 million.
Invesco’s (IVZ - Free Report) preliminary month-end AUM of $1,206.5 billion for October represents a 1% decrease from the prior month.
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