Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 262

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part II, Item 8
Chunk 262
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 other capital markets. Lazard management believes that annual results are the most meaningful basis for comparison among present, historical and future periods.

Three Months Ended September 30, 2025 versus September 30, 2024

Asset Management net revenue increased $33 million, or 11%, as compared to the 2024 period. Asset Management adjusted net revenue increased $23 million, or 8%, as compared to the 2024 period. Management fees and other revenue, on an adjusted basis, was $285 million, an increase of $17 million, or 6%, as compared to $269 million in the 2024 period. Incentive fees, on an adjusted basis, were $9 million, an increase of $6 million as compared to $3 million in the 2024 period. 

Adjusted compensation and benefits expense increased $10 million, or 7%, as compared to the 2024 period primarily driven by increased adjusted net revenue.  

Adjusted non-compensation expense increased $6 million, or 11%, as compared to the 2024 period primarily due to continued investments in technology and higher mutual fund servicing fees, which were largely driven by an increase in AUM.

Asset Management adjusted operating income was $74 million, an increase of $6 million, or 9%, as compared to adjusted operating income of $68 million in the 2024 period, and, as a percentage of adjusted net revenue, was 25.1%, as compared to 25.0% in the 2024 period.

Nine Months Ended September 30, 2025 versus September 30, 2024

Asset Management net revenue increased $33 million, or 4%, as compared to the 2024 period. Asset Management adjusted net revenue increased $15 million, or 2%, as compared to the 2024 period. Management fees and other revenue, on an adjusted basis, was $806 million, an increase of $7 million, or 1%, as compared to $799 million in the 2024 period. Incentive fees, on an adjusted basis, were $21 million, an increase of $8 million as compared to $13 million in the 2024 period. 

Adjusted compensation and benefits expense increased $8 million, or 2%, as compared to the 2024 period primarily driven by increased adjusted net revenue. 

Adjusted non-compensation expense increased $18 million, or 11%, as compared to the 2024 period primarily due to continued investments in technology and