Back to top

Image: Bigstock

Lazard's (LAZ) August AUM Falls 2.9% on Challenging Markets

Read MoreHide Full Article

Lazard Ltd. (LAZ - Free Report) announced its preliminary asset under management (AUM) balance of $237.3 billion for August 2023. This reflects a 2.9% decrease from $244.4 billion recorded as of Jul 31.

The fall in August AUM was driven by a market depreciation of $4.4 billion, foreign-exchange depreciation of $2.3 billion and net outflows of $0.4 billion.

Lazard’s equity AUM for August decreased 3.3% from the prior month to $182.8 billion. Fixed-income AUM of $46.1 billion decreased 1.5% sequentially. Also, other assets decreased marginally to $8.4 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 six months, shares of Lazard have gained 1.6% compared with the industry’s upside of 16.6%.

Zacks Investment Research
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

Cohen & Steers, Inc. (CNS - Free Report) reported preliminary AUM of $80 billion as of Aug 31, 2023, which reflected a decline of 2.8% from the prior-month level. Market depreciation of $2.2 billion and distributions of $157 million were partly offset by net inflows of $12 million.

CNS recorded total institutional accounts of $33.5 billion at the end of August 2023, declining 2.7% from the July-end level. Of the total institutional accounts, advisory accounts were $19 billion, while the rest were sub-advisory.

Virtus Investment Partners, Inc. (VRTS - Free Report) recorded a sequential decrease in its preliminary AUM balance for August 2023 on the back of unfavorable market returns. The company reported month-end AUM of $169.4 billion, which reflected a fall of 1.5% from the Jul 31 level.

Excluded from the above-mentioned AUM balance, other fee-earning assets were $2.6 billion, to which Virtus Investment provided services.

See More Zacks Research for These Tickers

Normally $25 each - click below to receive one report FREE:

Lazard Ltd (LAZ) - free report >>

Virtus Investment Partners, Inc. (VRTS) - free report >>

Cohen & Steers Inc (CNS) - free report >>

Published in