Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 259

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part II, Item 8
Chunk 259
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 in value with the strengthening of the U.S. Dollar and increases in value as the U.S. Dollar weakens, with all other factors held constant.

The following is a summary of changes in AUM by asset class for the three month and nine month periods ended September 30, 2025 and 2024:

Three Months Ended September 30, 2025AUMBeginningBalanceInflowsOutflowsNetFlowsMarket ValueAppreciation/(Depreciation)ForeignExchangeAppreciation/(Depreciation)AUMEndingBalance($ in millions)Equity$192,250 $17,018 $(11,473)$5,545 $11,204 $(489)$208,510 Fixed Income47,057 2,752 (3,291)(539)603 65 47,186 Other9,053 254 (685)(431)239 (20)8,841 Total$248,360 $20,024 $(15,449)$4,575 $12,046 $(444)$264,537 

For the three months ended September 30, 2025, net flows were primarily driven by the Global and Emerging Markets platforms.

Nine Months Ended September 30, 2025AUMBeginningBalanceInflowsOutflowsNetFlowsMarket ValueAppreciation/(Depreciation)ForeignExchangeAppreciation/(Depreciation)AUMEndingBalance($ in millions)Equity$174,938 $39,577 $(35,785)$3,792 $22,352 $7,428 $208,510 Fixed Income43,286 7,753 (10,078)(2,325)2,032 4,193 47,186 Other8,097 2,002 (1,876)126 373 245 8,841 Total$226,321 $49,332 $(47,739)$1,593 $24,757 $11,866 $264,537 

For the nine months ended September 30, 2025, net flows were primarily driven by the Global, Multi-Regional  and Emerging Markets Equity platforms and the Emerging Markets Fixed Income platform.

Three Months Ended September 30, 2024AUMBeginningBalanceInflows Outflows NetFlowsMarket ValueAppreciation/(Depreciation)ForeignExchangeAppreciation/(Depreciation)AUMEndingBalance