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Lazard's (LAZ) May AUM Falls 2% to $230B on Weaker Markets
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Lazard Ltd. (LAZ - Free Report) announced its preliminary assets under management (AUM) balance of $230 billion as of May 31. Affected by unfavorable market returns, this reflected a 2% decrease from the prior month’s $234.6 billion.
The May AUM entailed a market depreciation of $0.8 billion, foreign-exchange depreciation of $2.9 billion and net outflows of $0.9 billion.
Lazard’s equity AUM for May decreased 2.1% from the prior month to $176.5 billion. Fixed-income AUM of $45.2 billion declined 1.9% sequentially. Also, other assets decreased 1.2% to $8.3 billion.
Lazard is seeing a continued increase in net outflows at a four-year (ended 2022) compounded annual growth rate of 23.1%, mainly due to higher equity outflows. Such elevated levels of outflow persistently affect its AUM.
Further, muted global merger and acquisition deal value and volumes as well as other capital market activities are affecting the company's financial advisory revenue growth. Given LAZ's increased dependence on financial advisory fees for a substantial portion of its revenues, the ongoing weak market conditions are concerning for top-line growth.
The stock has lost 20.3% over the past six months compared with a decline of 0.7% witnessed by the industry.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #5 (Strong Sell).
Cohen & Steers (CNS - Free Report) reported preliminary AUM of $77.9 billion as of May 31, 2023, which reflected a decrease of 3.8% from the prior-month level. Market appreciation of $2.4 billion, net outflows of $461 million and distributions of $181 million led to the decline.
CNS recorded total institutional accounts of $32.1 billion at the end of May 2023, falling 3.5% from the April-end level. Of the total institutional accounts, advisory accounts were $18.3 billion, while the rest were sub-advisory.
Victory Capital Holdings (VCTR - Free Report) reported AUM of $154.8 billion for May 2023. This reflected a 1.8% decrease from $157.6 billion reported as of Apr 30, 2023.
By asset classes, at the end of May, VCTR’s U.S. Mid Cap Equity AUM declined 4.1% from the April level to $27.8 billion. The U.S. Small Cap Equity AUM of $14.6 billion decreased 3.1%. However, the U.S. Large Cap Equity AUM remained almost flat to $11.5 billion. The Global/Non-U.S. Equity AUM was down 2.9% to $14.8 billion.
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Lazard's (LAZ) May AUM Falls 2% to $230B on Weaker Markets
Lazard Ltd. (LAZ - Free Report) announced its preliminary assets under management (AUM) balance of $230 billion as of May 31. Affected by unfavorable market returns, this reflected a 2% decrease from the prior month’s $234.6 billion.
The May AUM entailed a market depreciation of $0.8 billion, foreign-exchange depreciation of $2.9 billion and net outflows of $0.9 billion.
Lazard’s equity AUM for May decreased 2.1% from the prior month to $176.5 billion. Fixed-income AUM of $45.2 billion declined 1.9% sequentially. Also, other assets decreased 1.2% to $8.3 billion.
Lazard is seeing a continued increase in net outflows at a four-year (ended 2022) compounded annual growth rate of 23.1%, mainly due to higher equity outflows. Such elevated levels of outflow persistently affect its AUM.
Further, muted global merger and acquisition deal value and volumes as well as other capital market activities are affecting the company's financial advisory revenue growth. Given LAZ's increased dependence on financial advisory fees for a substantial portion of its revenues, the ongoing weak market conditions are concerning for top-line growth.
The stock has lost 20.3% over the past six months compared with a decline of 0.7% witnessed by the industry.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Cohen & Steers (CNS - Free Report) reported preliminary AUM of $77.9 billion as of May 31, 2023, which reflected a decrease of 3.8% from the prior-month level. Market appreciation of $2.4 billion, net outflows of $461 million and distributions of $181 million led to the decline.
CNS recorded total institutional accounts of $32.1 billion at the end of May 2023, falling 3.5% from the April-end level. Of the total institutional accounts, advisory accounts were $18.3 billion, while the rest were sub-advisory.
Victory Capital Holdings (VCTR - Free Report) reported AUM of $154.8 billion for May 2023. This reflected a 1.8% decrease from $157.6 billion reported as of Apr 30, 2023.
By asset classes, at the end of May, VCTR’s U.S. Mid Cap Equity AUM declined 4.1% from the April level to $27.8 billion. The U.S. Small Cap Equity AUM of $14.6 billion decreased 3.1%. However, the U.S. Large Cap Equity AUM remained almost flat to $11.5 billion. The Global/Non-U.S. Equity AUM was down 2.9% to $14.8 billion.