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Invesco Ltd. (IVZ) - free report >>
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Lazard's (LAZ) July AUM Rises Marginally on Positive Markets
Lazard, Inc. (LAZ - Free Report) reported a preliminary asset under management (AUM) balance of $246.1 billion for July 2024. This reflected a marginal increase from $244.7 billion as of Jun 30, 2024.
The rise in AUM balance was driven by a market appreciation of $3.5 billion and a foreign exchange appreciation of $1.5 billion. These were partially offset by net outflows of $3.6 billion.
In July, Lazard’s equity assets increased almost 1% from the prior month’s level to $192.2 billion, while fixed-income assets declined marginally to $45.8 billion. Other assets rose marginally to $8.2 billion from the previous month.
LAZ’s robust AUM balance, coupled with innovative investment strategies and solutions, is expected to support its top line. A well-laddered debt maturity profile and impressive cost-control efforts are other positives. However, the current challenging macroeconomic environment and high reliance on financial advisory fees for a major chunk of its revenues are major concerns.
Year to date, shares of Lazard have risen 27.8% against the industry’s decline of 0.5%.
Image Source: Zacks Investment Research
LAZ 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
Invesco (IVZ - Free Report) announced a preliminary AUM of $1,732 billion for July 2024, reflecting an almost 1% rise from the previous month-end.
Invesco’s AUM was positively impacted by favorable market returns, which increased AUM by $9 billion. Also, foreign exchange raised the AUM balance by $4.9 billion. Further, IVZ delivered net long-term inflows of $10.8 billion in the month. Non-management fee-earning net inflows were $3.2 billion. On the other hand, money market net outflows were $12.1 billion.
Cohen & Steers, Inc. (CNS - Free Report) reported a preliminary AUM of $84.6 billion as of Jul 31, 2024. This reflected a rise of 4.8% from the prior month's level.
CNS’ increase was driven by the market appreciation of $41 billion, partially offset by net outflows of $45 million and distributions of $153 million.