Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 248

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part II, Item 8
Chunk 248
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)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-Regional22,987 19,612 Total Fixed Income47,057 43,286 Alternative Investments3,512 2,917 Private Wealth Alternative Investments3,103 3,097 Private Equity1,508 1,514 Cash Management930 569 Total AUM$248,360 $226,321 

Total AUM at June 30, 2025 was $248 billion, an increase of $22 billion, or 10%, as compared to total AUM of $226 billion at December 31, 2024 due to market and foreign exchange appreciation, partially offset by net outflows. Average AUM for the second quarter of 2025 decreased 3% as compared to the three month period ended June 30, 2024 and decreased 5% as compared to the six month period ended June 30, 2024.

As of June 30, 2025, approximately 83% 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 December 31, 2024. As of June 30, 2025, approximately 17% of our AUM was managed on behalf of individual client relationships, compared to approximately 18% as of December 31, 2024.

As of June 30, 2025, AUM with foreign currency exposure represented approximately 63% of our total AUM as compared to 62% at December 31, 2024. 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.

57

The following is a summary of changes in AUM by asset class for the three month and six month periods ended June 30, 2025 and