Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 100

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 100
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 Management—Investment Strategies”):

As ofMarch 31, 2025December 31, 2024($ in millions)AUM by Asset Class:Equity:Emerging Markets$28,830 $27,926 Global49,886 49,058 Local46,415 49,750 Multi-Regional48,999 48,204 Total Equity174,130 174,938 Fixed Income:Emerging Markets5,130 6,919 Global11,223 11,138 Local5,637 5,617 Multi-Regional22,034 19,612 Total Fixed Income44,024 43,286 Alternative Investments3,132 2,917 Private Wealth Alternative Investments3,116 3,097 Private Equity1,500 1,514 Cash Management1,525 569 Total AUM$227,427 $226,321 

Total AUM at March 31, 2025 was $227 billion, an increase of $1 billion as compared to total AUM of $226 billion at December 31, 2024 due to market and foreign exchange appreciation, partially offset by net outflows. Average AUM for the first quarter of 2025 decreased 7% as compared to the first quarter of 2024 and decreased 1% as compared to the fourth quarter of 2024.

As of both March 31, 2025 and December 31, 2024, approximately 82% of our AUM 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. As of both March 31, 2025 and December 31, 2024, approximately 18% of our AUM was managed on behalf of individual client relationships.

As of both March 31, 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.

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The following is a summary of changes in AUM by asset class for the three month periods ended March 31, 2025 and 2024:

Three Months Ended March 31