Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 114

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 1
Chunk 114
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 to adjusted operating income of $82 million in the 2024 period, and, as a percentage of adjusted net revenue, was 24.8%, as compared to 20.0% in the 2024 period.

Six Months Ended June 30, 2025 versus June 30, 2024

Financial Advisory net revenue remained substantially the same as compared to the 2024 period. Financial Advisory adjusted net revenue increased $6 million, or 1%, as compared to the 2024 period.

Adjusted compensation and benefits expense decreased $20 million, or 4%, as compared to the 2024 period. 

Adjusted non-compensation expense increased $6 million, or 6%, as compared to the 2024 period primarily due to increased occupancy and equipment and marketing and business development expenses.

Adjusted operating income was $199 million, an increase of $21 million, or 12%, as compared to adjusted operating income of $178 million in the 2024 period, and, as a percentage of adjusted net revenue, was 23.1%, as compared to 20.9% in the 2024 period.

56

Asset Management

Assets Under Management

AUM primarily consists of debt and equity instruments, which have a value that is readily available based on either prices quoted on a recognized exchange or prices provided by external pricing services.

Prices of equity and debt securities and other instruments that comprise our AUM are provided by independent, third-party vendors. Such third-party vendors rely on prices provided by external pricing services which are obtained from recognized exchanges or markets, or, for certain fixed income securities, from evaluated bids or other similarly sourced prices.

Either directly, or through our third-party vendors, we perform a variety of regular due diligence procedures on our pricing service 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 ofJune 30, 2025December 31, 2024($ in millions)AUM by Asset Class:Equity:Emerging Markets$33,102 $27,926 Global61,166 49,058 Local49,528 49,750 Multi-Regional48,454 48,204 Total Equity192,250 174,938 Fixed Income:Emerging Markets5,113 6,919 Global13,411 11,138 Local5,546 5,617 Multi