Lazard's (LAZ) November AUM Increases 7.2% to $235.9 Billion
Lazard Ltd. LAZ announced its preliminary asset under management (AUM) balance of $235.9 billion for November 2023. This reflects a 7.2% increase from the $220.1 billion recorded as of Oct 31.
The rise in November AUM was driven by a market appreciation of $13.7 billion and foreign-exchange appreciation of $3.5 billion, partially offset by net outflows of $1.3 billion.
Lazard’s equity AUM for November increased 8.4% from the prior month to $181.4 billion. Fixed-income AUM of $46.5 billion grew 4% sequentially. Also, other assets increased marginally to $8 billion.
The company’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 financial advisory revenues makes it vulnerable to economic doldrums.
Over the past six months, shares of Lazard have gained 7.4% compared with the industry’s upside of 12.5%.
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LAZ currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Competitive Landscape
T. Rowe Price Group, Inc. TROW announced its preliminary AUM of $1.39 trillion for November 2023. The figure reflected a 6.3% rise from the previous month.
TROW experienced net outflows of $12.6 billion in November 2023.
Franklin Resources, Inc. BEN reported a preliminary AUM balance of $1.41 trillion for November 2023. This reflected a 6% increase from $1.33 trillion as of Oct 31. The rise in the AUM balance was primarily due to the impacts of positive markets and flat long-term net outflows.
Total month-end fixed-income assets were $494.9 billion, up 5.5% from the prior month’s level. Equity assets of $447.9 billion increased 9% from October 2023. BEN recorded $148.9 billion in multi-asset class, up 5.8% sequentially. Alternative assets aggregated $257.5 billion, up 1.5% from the last month.
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