Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 258

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part II, Item 8
Chunk 258
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 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 ofSeptember 30, 2025December 31, 2024($ in millions)AUM by Asset Class:Equity:Emerging Markets$37,737 $27,926 Global66,695 49,058 Local52,445 49,750 Multi-Regional51,633 48,204 Total Equity208,510 174,938 Fixed Income:Emerging Markets5,191 6,919 Global12,625 11,138 Local5,268 5,617 Multi-Regional24,102 19,612 Total Fixed Income47,186 43,286 Alternative Investments3,616 2,917 Private Wealth Alternative Investments3,163 3,097 Private Equity1,477 1,514 Cash Management585 569 Total AUM$264,537 $226,321 

Total AUM at September 30, 2025 was $265 billion, an increase of $39 billion, or 17%, as compared to total AUM of $226 billion at December 31, 2024 due to market and foreign exchange appreciation and net inflows. Average AUM for the third quarter of 2025 increased 5% as compared to the three month period ended September 30, 2024 and average AUM for the first nine months of 2025 decreased 2% as compared to the nine month period ended September 30, 2024.

As of September 30, 2025, approximately 84% 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 

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December 31, 2024. As of September 30, 2025, approximately 16% of our AUM was managed on behalf of individual client relationships, compared to approximately 18% as of December 31, 2024.

As of both September 30, 2025 and December 31, 2024, AUM with foreign currency exposure represented approximately 62% of our total AUM. AUM with foreign currency exposure generally declines