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Lazard's August AUM Declines Marginally on Net Outflows
Lazard, Inc. (LAZ - Free Report) reported a preliminary asset under management (AUM) balance of $244.3 billion for August 2024, reflecting a marginal decrease from $246.1 billion as of July 31, 2024.
LAZ’s AUM Breakdown
The fall in AUM balance was due to net outflows of $7.5 billion. This was partially offset by the market appreciation and a foreign exchange appreciation of $2.8 billion and $3 billion, respectively.
In August, Lazard’s equity assets decreased almost 1.8% from the prior month’s level to $192.2 billion, while fixed-income assets increased 1.9% to $46.6 billion. Other assets rose 9.7% to $8.9 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.
Lazard’s Zacks Rank & Price Performance
Year to date, shares of Lazard have risen 32.5% compared with the industry’s growth of 4.7%.
Image Source: Zacks Investment Research
LAZ currently 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
Invesco (IVZ - Free Report) announced preliminary AUM for August 2024. The company’s month-end AUM of $1.75 trillion represented a 1.1% increase from the previous month.
Invesco’s AUM was favorably impacted by solid market returns, which boosted its AUM by $16 billion. Further, FX boosted the AUM balance by $7.3 billion.
Cohen & Steers, Inc. (CNS - Free Report) reported a preliminary AUM of $88.1 billion as of Aug. 31, 2024. This reflected a rise of 4.2% from the prior month's level.
CNS’ increase was driven by the market appreciation of $3.7 billion and net inflows of $8 million, partially offset by distributions of $152 million.