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Lazard's (LAZ) May AUM Falls 0.3% on Market Depreciation

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Lazard Ltd. LAZ recorded a 0.3% fall in preliminary assets under management (AUM) as of May 31, 2022, from the previous month’s reading. The total AUM balance aggregated $235.9 billion, marking a decrease from $236.6 billion in April.

The May AUM entailed a market depreciation of $1.1 billion, a positive foreign-exchange impact of $1.4 billion and net outflows of $1 billion.

Lazard’s equity AUM for May decreased 0.3% from the prior month’s level to $187.1 billion. Moreover, a 0.3% decline in fixed income assets to $42.1 billion was recorded. Other assets witnessed a marginal rise to $6.68 billion.

Lazard is expected to capitalize on its forte of organic growth, highlighted by a robust revenue growth trend, which might get support from any improvement in AUM balance. Also, LAZ’s prowess in the Financial Advisory and Asset Management segments, along with its cost-containment measures, will help it withstand any headwind due to economic uncertainties.

The stock has lost 23.2% in the past six months compared with a 26.5% decline witnessed by the industry.

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Currently, Lazard carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other Asset Managers

Franklin Resources, Inc. BEN announced its preliminary AUM for May 2022. BEN's month-end AUM of $1,445.9 billion marked a 0.6% decline from the previous month’s tally.

Franklin's AUM was affected by the long-term net outflows, partially offset by the positive impact of markets.

Cohen & Steers CNS reported preliminary AUM of $94.3 billion as of May 31, 2022, which reflects a decline of 3.8% from the prior-month level. Market depreciation of $3 billion, distributions of $183 million and net outflows of $510 million led to the fall.

CNS recorded total institutional accounts of $37.1 billion at the end of May, down 4.6% from the May-end level. Of the total institutional accounts, advisory accounts were $21.6 billion, while the rest were sub-advisory.


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