Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 215

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part II, Item 8
Chunk 215
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 new business opportunities, the evaluation of other strategic alternatives, the prudent management of our costs and expenses, the efficient use of our assets and the return of capital to our shareholders.

Certain industry-wide market data with respect to our Financial Advisory and Asset Management businesses is included below. 

Financial Advisory

The following table sets forth global M&A and restructuring industry statistics for completed and announced M&A transactions and completed restructuring transactions. 

Three Months EndedMarch 31,20252024%Incr / (Decr)($ in billions)Completed M&A Transactions:All deals:Value$778 $665 17 %Number6,719 9,851 (32)%Deals Greater than $500 million:Value$638 $482 32 %Number255 250 2 %Announced M&A Transactions:All deals:Value$1,031 $874 18 %Number7,712 10,175 (24)%Deals Greater than $500 million:Value$848 $686 24 %Number321 258 24 %Completed Restructuring    Transactions:All deals:Value$23 $150 (85)%Number39 127 (69)%

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Source: Dealogic as of April 2, 2025.

Another measure of global restructuring activity is the number of corporate defaults, which decreased during the first quarter of 2025 as compared to the first quarter of 2024. The number of defaulting issuers was 27 in the first quarter of 2025, according to Moody’s Investors Service, Inc., as compared to 38 in the first quarter of 2024.

Net revenue trends in Financial Advisory are generally correlated to the level of completed industry-wide M&A transactions and restructuring transactions occurring subsequent to corporate debt defaults. However, deviations from this relationship can occur in any given year for a number of reasons. For instance, our results can diverge from industry-wide activity where there are material variances from the level of industry-wide M&A activity in a particular market where Lazard has greater or lesser relative market share, or regarding the relative number of our advisory engagements with respect to larger-sized transactions, and where we are involved in non-public or sovereign advisory assignments. 

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Asset Management

The percentage change in major equity market indices at March 31, 2025, as compared to such indices at December 31, 2024 and at March 31, 2024 is shown in the