Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 277

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 277
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 increased $371 million, or 27%, as compared to 2023. Financial Advisory adjusted net revenue increased $374 million, or 28%, as compared to 2023. The increase in Financial Advisory net revenue and adjusted net revenue was primarily driven by an increased number of completed M&A transactions with values greater than $500 million as compared to 2023.

Adjusted compensation and benefits expense increased $118 million, or 12% as compared to 2023, primarily associated with increased adjusted net revenue. 

Adjusted non-compensation expense increased $8 million, or 4%, as compared to 2023, primarily due to increased professional services and occupancy and equipment expenses.

Adjusted operating income was $397 million, an increase of $248 million, or 167%, as compared to adjusted operating income of $149 million in 2023, and as a percentage of adjusted net revenue was 22.9%, as compared to 11% in 2023.

Asset Management 

Assets Under Management 

AUM primarily consists of debt and equity instruments, which have a value that is readily available based on either prices quoted on a recognized exchange or prices provided by external pricing services.

Prices of equity and debt securities and other instruments that comprise our AUM are provided by well-recognized, independent, third-party vendors. Such third-party vendors rely on prices provided by external pricing services which are obtained from recognized exchanges or markets, or, for certain fixed income securities, from evaluated bids or other similarly sourced price. 

Either directly, or through our third-party vendors, we perform a variety of regular due diligence procedures on our pricing service providers. 

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The following table shows the composition of AUM for the Asset Management segment (see Item 1, “Business—Principal Business Lines—Asset Management—Investment Strategies”):

As of December 31,202420232022($ in millions)AUM by Asset Class:Equity:Emerging Markets$27,926 $25,288 $21,557 Global49,058 53,528 46,861 Local49,750 52,208 47,504 Multi-Regional48,204 59,114 51,473 Total Equity174,938 190,138 167,395 Fixed Income:Emerging Markets6,919 9,525 8,944 Global11,138 10,762 11,029 Local5,617 6,080 5,352 Multi-Regional19,