News

Lazard, Inc. LAZ reported its preliminary asset under management (AUM) balance of $240.8 billion for April 2024. This reflected a 3.8% decline from $250.4 billion as of Mar 31, 2024.

The downfall in AUM balance was due to a market depreciation of $4.4 billion, net outflows of $3.6 billion and foreign exchange depreciation of $1.6 billion.

In April, Lazard’s equity assets and fixed income declined 3.9% each from the prior month’s level to $187.6 billion and $45.4 billion, respectively. Other income dipped 1.7% to $45.4 billion from the previous month.

The company’s high reliance on financial advisory fees for most of its revenues and continued net outflows are likely to affect Lazard’s top-line growth in the upcoming period. Nonetheless, cost-management efforts are expected to aid the company’s bottom line in the future.

Over the past six months, shares of Lazard have jumped 40.1% compared with the industry’s growth of 16.6%.

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

Franklin Resources, Inc. BEN reported its preliminary AUM of $1.60 trillion as of Apr 30, 2024. This reflected a decrease of 2.5% from the prior month’s level.

The decline in BEN’s AUM balance was primarily due to the impact of negative markets and long-term net outflows, including $5.9 billion related to the $25 billion AUM received from the Great-West Lifeco acquisition.

Virtus Investment Partners, Inc. VRTS recorded a sequential decline of nearly 5.2% in its preliminary AUM balance for April 2024. The company reported a month-end AUM of $170.06 billion, which declined from $179.31 billion as of Mar 31, 2024.

VRTS offered services to $2.6 billion of other fee-earning assets. This was excluded from the above-mentioned AUM balance.

Buy 5 Stocks BEFORE Election Day

Biden or Trump? Zacks is releasing a FREE Special Report, Profit from the 2024 Presidential Election (no matter who wins).

Since 1950, presidential election years have been strong for the market. This report names 5 timely stocks to ride the wave of electoral excitement.

They include a medical manufacturer that gained +11,000% in the last 15 years… a rental company absolutely crushing its sector… an energy powerhouse planning to grow its already large dividend by 25%... an aerospace and defense standout that just landed a potentially $80 billion contract… and a giant chipmaker building huge plants in the U.S.

Don’t Wait. Download FREE >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

To read this article on Zacks.com click here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.