Alex Jenkins's questions to Lazard (LAZ) leadership • Q1 2025
Question
Alex Jenkins, on behalf of Devin Ryan at Citizens, asked for an update on the previously highlighted 'won but not funded' Asset Management mandates, their funding timeline, and the firm's capital allocation priorities.
Answer
CEO Peter Orszag and Evan Russo, CEO of Asset Management, clarified the figure represents a total backlog of multiple mandates, not a single one. They stated this backlog has grown since the start of the year, with funding expected over the next 12-15 months. Orszag also outlined capital priorities: dividends, share buybacks to offset dilution, and then disciplined consideration of inorganic options, primarily in Asset Management.