Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 280

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 280
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 for the years ended December 31, 2024, 2023 and 2022 for each significant asset class is set forth below. Average AUM generally represents the average of the monthly ending AUM balances for the period.

Year Ended December 31,202420232022($ in millions)Average AUM by Asset Class:Equity$188,445 $179,435 $179,178 Fixed Income46,383 45,842 42,093 Alternative Investments3,040 3,792 4,167 Private Wealth Alternative Investments2,923 2,276 – Private Equity1,509 1,121 1,165 Cash Management703 632 841 Total Average AUM$243,003 $233,098 $227,444 

The following table summarizes the adjusted operating results attributable to the Asset Management segment:

Year Ended December 31,202420232022($ in thousands)Net revenue - U.S. GAAP basis$1,186,977$1,151,496$1,204,927Adjustments:Revenue related to noncontrolling interests and similar arrangements(22,214)(16,332)(43,875)Distribution fees and other(64,901)(67,616)(62,395)Interest expense12 11 8 Total adjustments (a)(87,103)(83,937)(106,262)Adjusted net revenue (b)1,099,8741,067,5591,098,665Adjusted compensation and benefits expense603,333545,308557,887Adjusted non-compensation expense229,960218,903205,061Adjusted operating income (b)$266,581$303,348$335,717Adjusted operating income, as a % of adjusted net revenue (b)24.2 %28.4 %30.6 %

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(a) Total adjustments equal the “other segment items” in Note 23 of Notes to Consolidated Financial Statements. See “Consolidated Results of Operations” above for further information on the adjustments.    

(b) Adjusted net revenue, operating income, and adjusted operating income as a percentage of adjusted net revenue are non-GAAP measures. 

No individual client constituted more than 10% of our Asset Management segment net revenue in the years ended December 31, 2024, 2023 and 2022.

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The geographical distribution of Asset Management adjusted net revenue is set forth below in