Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 281

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 281
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 percentage terms, and is based on the Lazard offices that manage and distribute the respective AUM amounts. Such geographical distribution may not be reflective of the geography of the investment products or clients.

Year Ended December 31,202420232022Americas44 %43 %48 %EMEA43 44 40 Asia Pacific13 13 12 Total100 %100 %100 %

Asset Management Results of Operations

Year Ended December 31, 2024 versus December 31, 2023

Asset Management net revenue increased $35 million, or 3%, as compared to 2023. Asset Management adjusted net revenue increased $32 million, or 3%, as compared to 2023. Management fees and other revenue, on an adjusted basis, was $1,057 million, an increase of $19 million, or 2%, as compared to $1,038 million in 2023. Incentive fees, on an adjusted basis, were $43 million, an increase of $13 million, as compared to $30 million in 2023. 

Adjusted compensation and benefits expense increased $58 million, or 11%, as compared to 2023, primarily associated with increased adjusted net revenue. 

Adjusted non-compensation expense increased $11 million, or 5%, as compared to 2023, primarily due to increased marketing and business development and technology and information services expenses. 

Asset Management adjusted operating income was $267 million, a decrease of $37 million, or 12%, as compared to adjusted operating income of $303 million in 2023, and as a percentage of adjusted net revenue was 24.2%, as compared to 28.4% in 2023. 

Corporate

The following table summarizes the reported adjusted operating results attributable to the Corporate segment:

Year Ended December 31,202420232022($ in thousands)Net revenue (loss) - U.S. GAAP basis$108,677 $(21,364)$(97,512)Adjustments:Revenue related to noncontrolling interests and similar arrangements(7,339)(13,858)(5,198)(Gains) losses related to Lazard Fund Interests (“LFI”) and other similar arrangements(16,176)(41,463)44,261 Provision for credit losses and other– (7,500)(7)Interest expense87,740 77,227 76,427 Asset impairment charges– 19,129