NEW YORK - Lazard, Inc. (NYSE: NYSE:LAZ), a global financial advisory and asset management firm, disclosed its preliminary assets under management (AUM) for the end of March 2024, reaching approximately $250.4 billion. This figure represents a net increase from the previous month, factoring in market appreciation, outflows, and foreign exchange impact.
The company's AUM saw a market appreciation of $5.3 billion, which was partially offset by net outflows amounting to $2.5 billion and a foreign exchange depreciation of $0.4 billion. Despite these outflows, the market appreciation contributed to the overall growth in AUM. Lazard's preliminary average AUM for the quarter ending March 31, 2024, was reported at $247.0 billion.
The detailed breakdown of AUM as of March 31, 2024, shows $195.3 billion in equity, $47.2 billion in fixed income, and $8.0 billion in other assets. These figures are subject to adjustment but provide a snapshot of the firm's asset distribution at the end of the first quarter.
Lazard, founded in 1848, operates across various continents, offering a range of services including financial advisory, asset management, and strategic consulting to a diverse clientele that includes institutions, corporations, governments, and individuals.
This report is based on a press release statement from Lazard, Inc.
InvestingPro Insights
As Lazard (NYSE: LAZ) navigates the complexities of the financial market, the latest data from InvestingPro paints a detailed picture of the firm's financial health and market performance. With a market capitalization of $3.59 billion, the company's financial advisory and asset management services continue to attract attention. Despite a revenue contraction of 9.09% in the last twelve months as of Q1 2023, Lazard has shown resilience with a quarterly revenue growth of 12.45% in Q1 2023, indicating a potential turnaround in its financial trajectory.
The InvestingPro Tips highlight the company's robust dividend track record, having maintained payments for 20 consecutive years, which could be a sign of stability and a commitment to shareholder returns. Additionally, Lazard's liquid assets surpassing short-term obligations suggest a strong liquidity position, which is crucial for the company's operational flexibility and financial security. With analysts predicting profitability this year, investors may find reassurance in the company's future prospects.
InvestingPro also notes that Lazard is trading near its 52-week high, with a significant price uptick of 41.92% over the last six months. While the company's Price / Book ratio stands at a high 8.48, reflecting a premium market valuation, the PEG ratio of 0.36 suggests that the company's growth could be undervalued relative to its earnings growth potential.
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