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Lazard's (LAZ) September AUM Declines on Market Losses
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Lazard Ltd. (LAZ - Free Report) recorded a 1.9% fall in preliminary assets under management (AUM) as of Sep 30, 2020, from the prior month. Total AUM came in at $227.8 billion, down from the August 2020 figure of $232.3 billion.
Following this development, shares of the company have declined 1.5%.
The September AUM displayed a $3.2-billion market depreciation and an unfavorable foreign-exchange impact of $2 billion. These were, however, offset by net inflows of $0.7 billion.
Lazard’s equity AUM at the end of September edged down 1.9% from the prior month to $183.8 billion. Also, other assets decreased 1.7% to $4.5 billion. Further, fixed income AUM fell 2.2% on a sequential basis to $39.5 billion.
Lazard is well positioned to grow organically on its robust Financial Advisory and Asset Management segments. However, the absence of continued growth in equity markets and stringent regulations are headwinds.
Shares of the company have gained 49.5% in the past six months compared with 40% growth registered by the industry.
Cohen & Steers, Inc. (CNS - Free Report) reported preliminary AUM of $70.5 billion as of Sep 30, 2020, which decreased 2.2% from the prior-month level. Market depreciation of $1.2 billion, net outflows of $24 million and distributions outflow of $303 million resulted in this AUM decline.
Franklin Resources (BEN - Free Report) announced preliminary AUM by its subsidiaries of $1.42 trillion for September. Results display a 1.6% decrease from the $1.44 trillion recorded as of Aug 31, 2020.
Invesco’s (IVZ - Free Report) preliminary month-end AUM of $1,218.2 billion for August represents a 2.2% decrease from the previous month.
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Lazard's (LAZ) September AUM Declines on Market Losses
Lazard Ltd. (LAZ - Free Report) recorded a 1.9% fall in preliminary assets under management (AUM) as of Sep 30, 2020, from the prior month. Total AUM came in at $227.8 billion, down from the August 2020 figure of $232.3 billion.
Following this development, shares of the company have declined 1.5%.
The September AUM displayed a $3.2-billion market depreciation and an unfavorable foreign-exchange impact of $2 billion. These were, however, offset by net inflows of $0.7 billion.
Lazard’s equity AUM at the end of September edged down 1.9% from the prior month to $183.8 billion. Also, other assets decreased 1.7% to $4.5 billion. Further, fixed income AUM fell 2.2% on a sequential basis to $39.5 billion.
Lazard is well positioned to grow organically on its robust Financial Advisory and Asset Management segments. However, the absence of continued growth in equity markets and stringent regulations are headwinds.
Shares of the company have gained 49.5% in the past six months compared with 40% growth registered 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, Inc. (CNS - Free Report) reported preliminary AUM of $70.5 billion as of Sep 30, 2020, which decreased 2.2% from the prior-month level. Market depreciation of $1.2 billion, net outflows of $24 million and distributions outflow of $303 million resulted in this AUM decline.
Franklin Resources (BEN - Free Report) announced preliminary AUM by its subsidiaries of $1.42 trillion for September. Results display a 1.6% decrease from the $1.44 trillion recorded as of Aug 31, 2020.
Invesco’s (IVZ - Free Report) preliminary month-end AUM of $1,218.2 billion for August represents a 2.2% decrease from the previous month.
Have You Seen Zacks’ 2020 Election Stock Report?
The upcoming election could be a massive buying opportunity for savvy investors. Trillions of dollars will shift into new market sectors after the election. The question is, which sectors will soar for each candidate? Zacks has put together a new special report to help readers like you target big profits.
The 2020 Election Stock Report reveals specific stocks you’ll want to own immediately after the results are announced – 6 if Trump wins, 6 if Biden wins. Past election reports have led investors to gains of +71%, +83%, even +185% in the following months. This year’s picks could be even more lucrative.
Check out Zacks’ 2020 Election Stock Report >>