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Lazard (LAZ) April AUM Rises 1.1% on Favorable Market Returns

Lazard Ltd. LAZ announced its preliminary assets under management (AUM) balance of $234.6 billion as of Apr 30. Driven by favorable market returns, this reflected a 1.1% increase from the prior month’s $232.1 billion.

The April AUM entailed a market depreciation of $2 billion, foreign-exchange appreciation of $0.6 billion and net outflows of $0.1 billion.

Lazard’s equity AUM for April increased 1% from the prior month to $180.2 billion. Also, fixed-income AUM of $46 billion increased 1.3% sequentially. Further, other assets increased 3.9% to $8.4 billion.

Lazard’s investment in the Asset Management segment, aimed at scaling the platform and introducing investment strategies to enhance its competitive edge, is a strategic fit. However, increased dependence on advisory revenues makes it vulnerable to economic doldrums. Further, continued net outflows over the past months are major concerns.

The stock has lost 25.5% over the past three months compared with a 15.2% decline witnessed by the industry.

Zacks Investment Research
Zacks Investment Research


Image Source: Zacks Investment Research
 
The company currently carries a Zacks Rank #5 (Strong Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Competitive Landscape

Franklin Resources, Inc. BEN reported a preliminary AUM balance of $1,420.7 billion for April 2023. This reflected a marginal decline from $1,422.1 billion recorded as of Mar 31.

BEN’s cash management net outflows resulted in the downside offsetting positive impacts of market and the flat long-term net inflows. The long-term net inflows included a low-fee $3.2 billion equity mandate.

Invesco IVZ announced preliminary AUM for April 2023. The company’s month-end AUM of $1,484.3 billion represented a marginal increase from the previous month.

IVZ’s AUM was positively impacted by favorable market returns which increased it by $5 billion. Money market net inflows were $1.4 billion. Invesco experienced net long-term outflows of $2.2 billion and non-management fee-earning net outflows of $2.1 billion. Owing to foreign exchange rate movements, AUM decreased $0.4 billion.

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