Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 264

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 264
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3,545 $3,157 12 %Number39,50439,587– %Deals Greater than $500 million:Value$2,705 $2,374 14 %Number1,2641,11214 %Completed Restructuring Transactions:All deals:Value$317 $374 (15)%Number328395(17)%

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Source:    Dealogic as of January 3, 2025.

Another measure of global restructuring activity is the number of corporate defaults, which decreased as compared to 2023. The number of defaulting issuers was 144 in 2024, according to Moody’s Investors Service, Inc., as compared to 164 in 2023.

Net revenue trends in Financial Advisory are generally correlated to the level of completed industry-wide M&A transactions and restructuring transactions occurring subsequent to corporate debt defaults, respectively. However, deviations from this relationship can occur in any given year for a number of reasons. For instance, our results can diverge from industry-wide activity where there are material variances from the level of industry-wide M&A activity in a particular market where Lazard has greater or lesser relative market share, or regarding the relative number of our advisory engagements with respect to larger-sized transactions, and where we are involved in non-public or sovereign advisory assignments.

41

Asset Management

The percentage change in major equity market indices (i) at December 31, 2024, as compared to such indices at December 31, 2023, and (ii) at December 31, 2023, as compared to such indices at December 31, 2022, is shown in the table below.

Percentage ChangesDecember 31,2024 vs 20232023 vs 2022MSCI World Index19 %24 %Euro Stoxx12 %23 %MSCI Emerging Market8 %10 %S&P 50025 %26 %

The fees that we receive for providing investment management and advisory services are primarily driven by the level of AUM and the nature of the AUM product mix. Accordingly, market movements, foreign currency exchange rate volatility and changes in our AUM product mix will impact the level of revenues we receive from our Asset Management business when comparing periodic results. A substantial portion of our AUM is invested in equities. Movements in AUM during the period generally reflect the changes in equity market indices.

Financial Statement Overview

Net Revenue

The majority of L