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Lazard's (LAZ) April AUM Improves on Favorable Market Gains

Zacks Equity Research

Lazard Ltd. LAZ recorded a 6% rise in preliminary assets under management (AUM) as of Apr 30, 2020, from the prior month. Total AUM came in at $204.6 billion, up from the March 2020 figure of $193 billion.

April AUM displayed a $13.5-billion market appreciation and a favorable foreign exchange impact of $0.6 billion. These positives were partially offset by net outflows of $2.6 billion.

Lazard’s equity AUM at the end of February grew 7% from the prior month to $165.5 billion. Also, other assets rose 1.1% to $4.1 billion. Further, fixed income AUM climbed 1.8% on a sequential basis to $34.9 billion.

Lazard is well positioned to grow organically on strength of its Financial Advisory and Asset Management segments. However, the absence of continued growth in equity markets and stringent regulations remain headwinds.

Shares of the company have lost 32.6% over the past six months compared with a 15.6% decline for the industry.

Lazard currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other Asset Managers

Franklin Resources BEN announced preliminary AUM by its subsidiaries of $599.4 billion for April 2020. Results displayed a 3.3% increase from $580.3 billion recorded as of Mar 31, 2020. Lower net outflows and a strong market performance led to the upsurge. However, the reported figure dropped 16.8% year on year.

AllianceBernstein Holding L.P. AB announced preliminary April-end AUM of $576 billion, increasing 6.3% from the prior month. Total net inflows and favorable markets were primarily responsible for the rise.

Invesco IVZ announced preliminary April-end AUM of $1,118.6 billion,indicating a 6.2% increase from the previous month.The rise was driven by favorable market returns, which led to an increase in AUM by $63 billion. Further, FX increased AUM by $2.1 billion.

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