Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 22

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 2
Chunk 22
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. As of September 30, 2025, approximately 16% of our AUM was managed on behalf of individual client relationships, compared to approximately 18% as of December 31, 2024.

As of both September 30, 2025 and December 31, 2024, AUM with foreign currency exposure represented approximately 62% of our total AUM. AUM with foreign currency exposure generally declines in value with the strengthening of the U.S. Dollar and increases in value as the U.S. Dollar weakens, with all other factors held constant.

The following is a summary of changes in AUM by asset class for the three month and nine month periods ended September 30, 2025 and 2024:

Three Months Ended September 30, 2025AUMBeginningBalanceInflowsOutflowsNetFlowsMarket ValueAppreciation/(Depreciation)ForeignExchangeAppreciation/(Depreciation)AUMEndingBalance($ in millions)Equity$192,250 $17,018 $(11,473)$5,545 $11,204 $(489)$208,510 Fixed Income47,057 2,752 (3,291)(539)603 65 47,186 Other9,053 254 (685)(431)239 (20)8,841 Total$248,360 $20,024 $(15,449)$4,575 $12,046 $(444)$264,537 

For the three months ended September 30, 2025, net flows were primarily driven by the Global and Emerging Markets platforms.

Nine Months Ended September 30, 2025AUMBeginningBalanceInflowsOutflowsNetFlowsMarket ValueAppreciation/(Depreciation)ForeignExchangeAppreciation/(Depreciation)AUMEndingBalance($ in millions)Equity$174,938 $39,577 $(35,785)$3,792 $22,352 $7,428 $208,510 Fixed Income43,286 7,753 (10,078)(2,325)2,032 4,193 47,186 Other8,097 2,002 (1,876)126 373 245 8,841 Total$226,321 $49,332 $(47,739)$1,593 $24,757 $11,866 $264