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Can Lazard's Asset Management Growth Power Its 2030 Revenue Goal?
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Key Takeaways
Lazard's AUM reached $285 billion by June 2026, up 15% year over year, amid stronger client inflows.
LAZ generated $7.4 billion in first-half net inflows, its strongest first-half performance in nearly 20 years.
LAZ's Lazard Advantage AUM more than doubled to $50 billion, while Elaia acquisition added $1 billion in AUM.
Lazard, Inc. (LAZ - Free Report) is looking to accelerate top-line growth as it works toward its goal of doubling firmwide revenue by 2030. While Financial Advisory remains an important revenue source, Asset Management is becoming an increasingly meaningful contributor, accounting for 42.1% of total net revenue as of June 30, 2026. Continued expansion of the business could provide LAZ with a broader and more recurring revenue base to complement its advisory activities.
A growing asset under management (AUM) base is central to this opportunity. From 2016 to 2025, the company’s AUM increased at a compound annual growth rate (CAGR) of 2.8%. Growth continued to accelerate in the first half of 2026, with AUM reaching $285 billion as of June 30, up 15% year over year. Lazard also generated $7.4 billion in net inflows during the first half of 2026, recording its strongest first-half inflow performance in nearly 20 years. Continued growth in client assets can support management fees and recurring revenue, making AUM growth an important contributor to the company’s broader revenue goals.
To sustain this momentum, LAZ is broadening its AUM base through differentiated investment strategies and new distribution channels. Its quantitative platform, Lazard Advantage, more than doubled its AUM over the past year to $50 billion as of June 30, 2026. The company is also expanding its active ETF platform, with U.S. ETF AUM reaching $2 billion by July 2026, while new fixed-income products could further broaden its distribution reach. These efforts are helping to diversify its product lineup and create additional opportunities to attract and retain client assets.
Strategic investments are providing another avenue for AUM expansion. On June 30, 2026, Lazard acquired an additional stake in Elaia Partners, raising its interest to 51% and obtaining a controlling interest. The transaction added approximately $1 billion to Lazard’s AUM, strengthening its alternative investment capabilities and further diversifying its asset mix across public and private strategies. Lazard is also expanding its private markets platform through the planned acquisition of Campbell Lutyens, which is expected to close in the second half of 2026 and strengthen its private capital advisory capabilities while being earnings accretive in 2027.
Overall, stronger AUM, improving net inflows and broader investment offerings are supporting growth in its Asset Management business. With Financial Advisory also expected to improve, continued progress across both businesses could support revenue growth and Lazard’s goal of doubling firmwide revenue by 2030.
How Other Firms Are Expanding AUM Growth
Similar to LAZ, Ares Management (ARES - Free Report) and KKR & Co. (KKR - Free Report) are also expanding their AUM through strong fundraising, broader investment platforms and growing demand across alternative asset classes.
Ares Management’s AUM has grown steadily, supported by its diversified alternative investment platform. Its AUM rose at a 26.9% CAGR during 2019-2025, with growth continuing in the first half of 2026, driven by strong private credit inflows, wealth management fundraising and insurance-related allocations. Going forward, strong demand across private credit and other alternative strategies is expected to support fundraising, with AUM targeted to exceed $750 billion by 2028.
KKR’s AUM has grown steadily, recording a 24.2% CAGR during 2020-2025, with growth continuing in the first half of 2026. Strong fundraising has been a key driver, with KKR raising $305 billion since the start of 2024, surpassing its three-year $300 billion target ahead of schedule. Its May 2026 acquisition of Arctos Partners added access to $20 billion in AUM, while the 2025 acquisition of HealthCare Royalty Partners contributed nearly $3 billion. These acquisitions expand investment capabilities and support its goal of reaching at least $1 trillion in AUM by 2030.
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Can Lazard's Asset Management Growth Power Its 2030 Revenue Goal?
Key Takeaways
Lazard, Inc. (LAZ - Free Report) is looking to accelerate top-line growth as it works toward its goal of doubling firmwide revenue by 2030. While Financial Advisory remains an important revenue source, Asset Management is becoming an increasingly meaningful contributor, accounting for 42.1% of total net revenue as of June 30, 2026. Continued expansion of the business could provide LAZ with a broader and more recurring revenue base to complement its advisory activities.
A growing asset under management (AUM) base is central to this opportunity. From 2016 to 2025, the company’s AUM increased at a compound annual growth rate (CAGR) of 2.8%. Growth continued to accelerate in the first half of 2026, with AUM reaching $285 billion as of June 30, up 15% year over year. Lazard also generated $7.4 billion in net inflows during the first half of 2026, recording its strongest first-half inflow performance in nearly 20 years. Continued growth in client assets can support management fees and recurring revenue, making AUM growth an important contributor to the company’s broader revenue goals.
To sustain this momentum, LAZ is broadening its AUM base through differentiated investment strategies and new distribution channels. Its quantitative platform, Lazard Advantage, more than doubled its AUM over the past year to $50 billion as of June 30, 2026. The company is also expanding its active ETF platform, with U.S. ETF AUM reaching $2 billion by July 2026, while new fixed-income products could further broaden its distribution reach. These efforts are helping to diversify its product lineup and create additional opportunities to attract and retain client assets.
Strategic investments are providing another avenue for AUM expansion. On June 30, 2026, Lazard acquired an additional stake in Elaia Partners, raising its interest to 51% and obtaining a controlling interest. The transaction added approximately $1 billion to Lazard’s AUM, strengthening its alternative investment capabilities and further diversifying its asset mix across public and private strategies. Lazard is also expanding its private markets platform through the planned acquisition of Campbell Lutyens, which is expected to close in the second half of 2026 and strengthen its private capital advisory capabilities while being earnings accretive in 2027.
Overall, stronger AUM, improving net inflows and broader investment offerings are supporting growth in its Asset Management business. With Financial Advisory also expected to improve, continued progress across both businesses could support revenue growth and Lazard’s goal of doubling firmwide revenue by 2030.
How Other Firms Are Expanding AUM Growth
Similar to LAZ, Ares Management (ARES - Free Report) and KKR & Co. (KKR - Free Report) are also expanding their AUM through strong fundraising, broader investment platforms and growing demand across alternative asset classes.
Ares Management’s AUM has grown steadily, supported by its diversified alternative investment platform. Its AUM rose at a 26.9% CAGR during 2019-2025, with growth continuing in the first half of 2026, driven by strong private credit inflows, wealth management fundraising and insurance-related allocations. Going forward, strong demand across private credit and other alternative strategies is expected to support fundraising, with AUM targeted to exceed $750 billion by 2028.
KKR’s AUM has grown steadily, recording a 24.2% CAGR during 2020-2025, with growth continuing in the first half of 2026. Strong fundraising has been a key driver, with KKR raising $305 billion since the start of 2024, surpassing its three-year $300 billion target ahead of schedule. Its May 2026 acquisition of Arctos Partners added access to $20 billion in AUM, while the 2025 acquisition of HealthCare Royalty Partners contributed nearly $3 billion. These acquisitions expand investment capabilities and support its goal of reaching at least $1 trillion in AUM by 2030.