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Shares of Lazard Ltd. LAZ rallied 6.1% in response to the release of preliminary assets under management (AUM) balance as of Feb 28, 2021. The total AUM balance aggregated $260.7 billion, marking 2.2% growth from the prior month’s $255.2 billion.
February AUM gained from market appreciation of $5.6 billion as well as net inflows of $0.2 billion, partially offset by negative foreign-exchange impact of $0.3 billion.
Lazard’s equity AUM for February increased 1.7% from the prior month to $209.8 billion. Moreover, other assets edged up 4.7% sequentially to $5.3 billion. These uptrends were further supported by 3.9% growth in fixed income to $45.6 billion.
Lazard can capitalize on its organic growth, as highlighted by the bank’s rising revenue trend. Also, strength in the Financial Advisory and Asset Management segments, along with cost-containment measures, will help the company to withstand any headwinds that might occur due to economic uncertainties.
Shares of the company have gained 25% in the past six months compared with 33% growth witnessed by the industry.
Currently, Lazard carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Asset Managers
Cohen & Steers CNS reported preliminary AUM balance of $83.1 billion as of Feb 28, 2021, which reflects an increase of 2.4% from the prior-month level. Net inflows of $229 million and market appreciation of $1.9 billion were partially offset by distributions of $202 million.
Invesco Ltd. IVZ announced preliminary month-end AUM of $1391.5 billion, up 1.8% from previous month. Positive market returns aided this growth, boosting the AUM by $13 billion.
Franklin Resources BEN recorded preliminary AUM balance of $1500.5 billion for February 2021. This reflects marginal growth from $1494.4 billion recorded as of Jan 31, 2021. The improvement in AUM balance mainly reflects benefits from market appreciation and long-term net inflows.
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