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Franklin Resources, Inc. (BEN) - $25 value - yours FREE >>
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Franklin Resources, Inc. (BEN) - $25 value - yours FREE >>
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Lazard's (LAZ) June AUM Rises 4.1% on Favorable Market Returns
Lazard Ltd. (LAZ - Free Report) announced its preliminary assets under management (AUM) balance of $239.3 billion as of Jun 30. Driven by favorable market returns, this reflected a 4.1% increase from the prior month’s $230 billion.
The June AUM included a market appreciation of $7.7 billion, foreign-exchange appreciation of $1.6 billion and net inflows of $0.1 billion.
Lazard’s equity AUM for June increased 4.6% from the prior month to $184.7 billion. Also, fixed-income AUM of $45.9 billion increased 1.5% sequentially. Further, other assets increased 6.1% to $8.8 billion.
Lazard’s investment in the Asset Management segment, impressive cost-control efforts and introduction of investment strategies to enhance its competitive edge are strategic fits. However, increased dependence on advisory revenues makes it vulnerable to economic doldrums.
Over the past three months, shares of Lazard have gained 1.4% compared with the industry’s upside of 5.8%.
Image Source: Zacks Investment Research
LAZ currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Competitive Landscape
Franklin Resources, Inc. (BEN - Free Report) reported a preliminary AUM balance of $1,431.5 billion for June 2023. This reflects a 1.9% increase from $1,404.2 billion recorded as of May 31.
The increase in BEN's AUM balance was primarily due to the impact of favorable markets and slight long-term net inflows.
Cohen & Steers, Inc. (CNS - Free Report) reported a preliminary AUM of $80.4 billion as of Jun 30, 2023, which reflects an increase of 3.3% from the prior-month level. Market appreciation of $2.9 billion and net inflows of $36 million supported the rise, while it was partially offset by the distributions of $391 million.
CNS recorded total institutional accounts of $33.3 billion at the end of June 2023, rising 3.7% from the May-end level. Of the total institutional accounts, advisory accounts were $18.8 billion, while the rest were sub-advisory.