Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 17

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 2
Chunk 17
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 decreased number of completed M&A transactions with values greater than $500 million as compared to the 2024 period. 

Adjusted compensation and benefits expense decreased $62 million, or 21%, as compared to the 2024 period, primarily driven by decreased adjusted net revenue.

Adjusted non-compensation and benefits expense increased $5 million, or 10%, as compared to the 2024 period, primarily due to increased occupancy and equipment and marketing and business development expenses.

Adjusted operating income was $77 million, a decrease of $20 million, or 20%, as compared to adjusted operating income of $97 million in the 2024 period and, as a percentage of adjusted net revenue, was 20.8%, as compared to 21.6% in the 2024 period.

Asset Management

Assets Under Management

AUM primarily consists of debt and equity instruments, which have a value that is readily available based on either prices quoted on a recognized exchange or prices provided by external pricing services.

Prices of equity and debt securities and other instruments that comprise our AUM are provided by independent, third-party vendors. Such third-party vendors rely on prices provided by external pricing services which are obtained from recognized exchanges or markets, or, for certain fixed income securities, from evaluated bids or other similarly sourced prices.

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Either directly, or through our third-party vendors, we perform a variety of regular due diligence procedures on our pricing service providers. 

The following table shows the composition of AUM for the Asset Management segment (see Item 1, “Business—Principal Business Lines—Asset Management—Investment Strategies”):

As ofMarch 31, 2025December 31, 2024($ in millions)AUM by Asset Class:Equity:Emerging Markets$28,830 $27,926 Global49,886 49,058 Local46,415 49,750 Multi-Regional48,999 48,204 Total Equity174,130 174,938 Fixed Income:Emerging Markets5,130 6,919 Global11,223 11,138 Local5,637 5,617 Multi-Regional22,034 19,612 Total Fixed Income44,024 43,286 Alternative Investments3,132 2,917 Private Wealth Alternative Investments3,116 3,097 Private Equity1,500 1,514 Cash Management1,525 569 Total AUM$227,427 $226,