Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 23

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 2
Chunk 23
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,537 

For the nine months ended September 30, 2025, net flows were primarily driven by the Global, Multi-Regional  and Emerging Markets Equity platforms and the Emerging Markets Fixed Income platform.

Three Months Ended September 30, 2024AUMBeginningBalanceInflows Outflows NetFlowsMarket ValueAppreciation/(Depreciation)ForeignExchangeAppreciation/(Depreciation)AUMEndingBalance($ in millions)Equity$190,426 $5,971 $(16,857)$(10,886)$7,651 $4,341 $191,532 Fixed Income46,111 1,876 (3,240)(1,364)1,662 1,524 47,933 Other8,133 970 (1,099)(129)69 119 8,192 Total$244,670 $8,817 $(21,196)$(12,379)$9,382 $5,984 $247,657 

61

Nine Months Ended September 30, 2024AUMBeginningBalanceInflows Outflows NetFlowsMarket ValueAppreciation/(Depreciation)ForeignExchangeAppreciation/(Depreciation)AUMEndingBalance($ in millions)Equity$190,138 $16,547 $(40,012)$(23,465)$24,413 $446 $191,532 Fixed Income48,107 5,752 (7,211)(1,459)1,054 231 47,933 Other8,406 1,565 (2,249)(684)418 52 8,192 Total$246,651 $23,864 $(49,472)$(25,608)$25,885 $729 $247,657 

Average AUM for the three month and nine month periods ended September 30, 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 EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024($ in millions)Average AUM by Asset Class:Equity$201,242 $190,688 $187,608 $190,973 Fixed Income47,170 46,832 45,714 46,905 Alternative