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Lazard (LAZ) July AUM Rises 2.1% to $244.4B on Upbeat Markets

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Lazard Ltd. (LAZ - Free Report) announced its preliminary asset under management (AUM) balance of $244.4 billion for July 2023. This reflects a 2.1% increase from $239.3 billion recorded as of Jun 30.

The rise in July AUM was driven by a market appreciation of $4.5 billion and foreign-exchange appreciation of $1.7 billion, while net outflows of $1.1 billion were the offsetting factor.

Lazard’s equity AUM for July increased 2.4% from the prior month to $189.2 billion. Also, fixed-income AUM of $46.8 billion increased 2% sequentially. However, other assets decreased 3.3% to $8.5 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 19.9% compared with the industry’s upside of 13.2%.

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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 $1.45 trillion for July 2023. This reflects a 1.4% increase from $1,43 trillion recorded as of Jun 30, 2023.

The rise in BEN's AUM balance was primarily driven by the impact of favorable markets, partially offset by long-term net outflows.

Cohen & Steers, Inc. (CNS - Free Report) reported a preliminary AUM of $82.3 billion as of Jul 31, 2023, which reflected an increase of 2.4% from the prior-month level. Market appreciation of $1.86 billion and net inflows of $231 million supported the rise. However, these were partially offset by distributions of $162 million.

CNS recorded total institutional accounts of $34.43 billion at the end of July 2023, rising 3.5% from the June-end level. Of the total institutional accounts, advisory accounts were $19.53 billion while the rest were sub-advisory.

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