Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 278

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 278
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612 21,740 18,061 Total Fixed Income43,286 48,107 43,386 Alternative Investments2,917 3,330 3,812 Private Wealth Alternative Investments3,097 2,799 – Private Equity1,514 1,623 1,038 Cash Management569 654 494 Total AUM$226,321 $246,651 $216,125 

Total AUM at December 31, 2024 was $226 billion, a decrease of $20 billion, or 8%, as compared to total AUM of $247 billion at December 31, 2023, due to net outflows and foreign exchange depreciation, partially offset by market appreciation. Average AUM for the year ended December 31, 2024 increased $10 billion, or 4%, as compared to 2023.

Our top ten clients accounted for 32%, 29% and 27% of our total AUM at December 31, 2024, 2023 and 2022, respectively.

As of 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 compared to 85% as of December 31, 2023. As of December 31, 2024, approximately 18% of our AUM was managed on behalf of individual client relationships compared to 15% as of December 31, 2023.  

As of December 31, 2024, AUM with foreign currency exposure represented approximately 62% of our total AUM as compared to 64% at December 31, 2023. 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.

52

The following is a summary of changes in AUM by asset class for the years ended December 31, 2024, 2023 and 2022:

Year Ended December 31, 2024AUMBeginningBalanceInflowsOutflowsNetFlowsMarket ValueAppreciation/(Depreciation)ForeignExchangeAppreciation/(Depreciation)AUMEndingBalance($ in millions)Equity$190,138