Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 18

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 2
Chunk 18
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Total AUM at March 31, 2025 was $227 billion, an increase of $1 billion as compared to total AUM of $226 billion at December 31, 2024 due to market and foreign exchange appreciation, partially offset by net outflows. Average AUM for the first quarter of 2025 decreased 7% as compared to the first quarter of 2024 and decreased 1% as compared to the fourth quarter of 2024.

As of both March 31, 2025 and December 31, 2024, approximately 82% 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. As of both March 31, 2025 and December 31, 2024, approximately 18% of our AUM was managed on behalf of individual client relationships.

As of both March 31, 2025 and December 31, 2024, AUM with foreign currency exposure represented approximately 62% of our total AUM. 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 periods ended March 31, 2025 and 2024:

Three Months Ended March 31, 2025AUMBeginningBalanceInflowsOutflowsNetFlowsMarket ValueAppreciation/(Depreciation)ForeignExchangeAppreciation/(Depreciation)AUMEndingBalance($ in millions)Equity$174,938 $7,820 $(10,373)$(2,553)$(814)$2,559 $174,130 Fixed Income43,286 2,198 (4,281)(2,083)1,517 1,304 44,024 Other8,097 1,239 (262)977 122 77 9,273 Total$226,321 $11,257 $(14,916)$(3,659)$825 $3,940 $227,427 

Net flows were primarily driven by outflows in the Multi-Regional Equity platform and the Emerging Markets Fixed Income platform.Three Months Ended March 31