Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 229

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part II, Item 8
Chunk 229
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reciation)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, 2024AUMBeginningBalanceInflows Outflows NetFlowsMarket ValueAppreciation/(Depreciation)ForeignExchangeAppreciation/(Depreciation)AUMEndingBalance($ in millions)Equity$190,138 $4,027 $(10,485)$(6,458)$14,182 $(2,609)$195,253 Fixed Income48,107 1,782 (1,571)211 (199)(899)47,220 Other8,406 275 (658)(383)(12)(52)7,959 Total$246,651 $6,084 $(12,714)$(6,630)$13,971 $(3,560)$250,432 

Average AUM for the three month periods ended March 31, 2025 and 2024 for each significant asset class is set forth below. Average AUM generally represents the average of the monthly ending AUM balances for the period.

Three Months EndedMarch 31,20252024($ in millions)Average AUM by Asset Class:Equity$178,144 $191,619 Fixed Income44,093 47,312 Alternative Investments3,047 3,150 Private Wealth Alternative Investments3,108 2,722 Private Equity1,505 1,519 Cash Management890 628 Total Average AUM$230,787 $246,950 

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

Three Months EndedMarch 31,20252024($ in thousands)Net revenue - U.S. GAAP basis$288,100 $295,