Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 96

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1
Chunk 96
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 grow our business and drive our productivity. We expect to make hires that will strengthen our presence across sectors and geographies expanding our coverage efforts and gaining access to new markets. We expect the number of our managing directors to increase in the future as we grow revenues. We routinely reassess our strategic position and make adjustments accordingly to further enhance our competitive position. 

Asset Management

Our Asset Management business offers a broad range of global investment solutions and investment and wealth management services in equity and fixed income strategies, asset allocation strategies, alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries and private wealth clients. Our goal in our Asset Management business is to produce superior risk-adjusted investment returns and provide customized investment solutions for our clients through the active management of their assets. Our investment teams construct and manage portfolios using various techniques and investment philosophies, including traditional fundamental research and analysis and quantitative tools. 

Our top ten clients accounted for 32% of our total assets under management (“AUM”) as of December 31, 2024, with no client individually contributing more than 10% of our Asset Management segment net revenue. Approximately 82% of our AUM as of December 31, 2024 was managed on behalf of institutional and intermediary clients, including corporations, labor unions, pension funds, insurance companies and banks, and through sub-advisory relationships, mutual fund sponsors, broker-dealers and registered advisors, and approximately 18% of our AUM was managed on behalf of individual client relationships, which are principally with family offices and high net worth individuals.

4

The charts below illustrate the mix of our AUM as of December 31, 2024, measured by product platform and by office location.

Our Asset Management business maintains offices in New York, Amsterdam, Bordeaux, Boston, Brussels, Chicago, Dubai, Dublin, Frankfurt, Geneva, Hamburg, Hong Kong, London, Luxembourg, Lyon, Madrid, Milan, Montreal, Nantes, Paris, Riyadh, San Francisco, Seoul, Singapore, Sydney, Tokyo, Toronto, Vienna and Zurich. These operations, with 124 managing directors and 1,117 other professionals and support staff as of December 31, 2024, provide our Asset Management business with both a global presence and a local identity.

Primary distinguishing features of these operations include:

•a global footprint with global research, global mandates and global clients;

•a broad-based team of investment professionals, including focused, in-house investment analysts across