Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 4

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 2
Chunk 4
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 by the levels of AUM. Weak or uncertain global economic and financial market conditions can result in a challenging business environment for M&A and capital-raising activity as well as our Asset Management business, but such conditions may provide opportunities for our restructuring business.

We operate in a very competitive and global environment. Recent changes to international trade policies and practices have resulted in a period of heightened uncertainty and market volatility. For example, in April 2025, the U.S. government introduced tariffs on trading partners globally, including China which responded with retaliatory tariffs. The potential for geopolitical impacts could further exacerbate market volatility and contribute to weakened economic conditions. We believe our broad set of capabilities and diversified business model positions us well to meet evolving client needs in varying economic environments. However, unpredictability due to rapidly changing international trade policies and market volatility could reduce our clients’ ability to finalize decision-making or execute on investment priorities. 

New risks and uncertainties emerge continuously, and it is not possible for our management to predict all risks and uncertainties, nor can we assess the impact of all potentially applicable factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. See Item 1A, “Risk Factors” in our Form 10-K. Furthermore, net income and revenue in any period may not be 

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indicative of full-year results or the results of any other period and may vary significantly from year to year and quarter to quarter.

Overall, we continue to focus on the development of our business, including the generation of revenue growth, earnings growth and shareholder returns, the evaluation of potential growth opportunities, the investment in new technology to support the development of existing and 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 %