Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 21

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 2
Chunk 21
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 net outflows. Average AUM for the second quarter of 2025 decreased 3% as compared to the three month period ended June 30, 2024 and decreased 5% as compared to the six month period ended June 30, 2024.

As of June 30, 2025, approximately 83% of our AUM was managed on behalf of institutional and intermediary clients, including corporations, labor unions, pension funds, insurance companies and banks, and through sub-advisory relationships, mutual fund sponsors, broker-dealers and registered advisors, compared to approximately 82% as of December 31, 2024. As of June 30, 2025, approximately 17% of our AUM was managed on behalf of individual client relationships, compared to approximately 18% as of December 31, 2024.

As of June 30, 2025, AUM with foreign currency exposure represented approximately 63% of our total AUM as compared to 62% at December 31, 2024. AUM with foreign currency exposure generally declines 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.

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

Three Months Ended June 30, 2025AUMBeginningBalanceInflowsOutflowsNetFlowsMarket ValueAppreciation/(Depreciation)ForeignExchangeAppreciation/(Depreciation)AUMEndingBalance($ in millions)Equity$174,130 $14,739 $(13,939)$800 $11,962 $5,358 $192,250 Fixed Income44,024 2,803 (2,506)297 (88)2,824 47,057 Other9,273 509 (929)(420)12 188 9,053 Total$227,427 $18,051 $(17,374)$677 $11,886 $8,370 $248,360 

For three months ended June 30, 2025, net flows were primarily driven by inflows into the Global Equity platform partially offset by outflows from the Multi-Regional Equity platform.

Six Months Ended June 30, 2025AUMBeginningBalanceInflowsOutflows