Lazard (LAZ) Company Report

Chris Hogbin, the new CEO of Lazard Asset Management, who started in December of last year, outlined his strategic priorities: ensuring investment performance, driving profitable growth, and improving margins.
Lazard Asset Management reported $8.5 billion in net inflows for 2025 (excluding one significant client relationship close) and $3 billion in net inflows for January 2026, expressing confidence in being net flow positive for all of 2026.
As of year-end 2025, two-thirds of Lazard Asset Management's AUM was outperforming its stated benchmark, and Eric Van Nostrand was appointed Chief Investment Officer to enhance investment performance.
The company's growth strategy focuses on scaling existing products, expanding into new public and private market areas, and the wealth sector, while aiming to improve margins through organic growth, rationalizing smaller products, and rigorous cost discipline.
Lazard Asset Management achieved record gross sales of $55 billion in 2025 and successfully launched 7 active ETFs in the U.S., growing that business to $1 billion in the same year.

Feb 11, 2026, 3:30 PM

Transcript

Lazard's New Asset Management CEO Outlines Strategic Priorities and Growth Initiatives

LAZ

CEO Change

New Projects/Investments

Guidance Update

Chris Hogbin, the new CEO of Lazard's asset management, outlined a strategic vision focused on delivering investment performance, growing the business, and improving profitability.
As of the end of 2025, two-thirds of Lazard's AUM outperformed its benchmark. The company achieved $8.5 billion in net inflows for 2025 (excluding one client relationship) and nearly $3 billion in January 2026, with expectations to be net flow positive for the full year 2026.
Lazard plans to improve margins through profitable growth, rationalizing smaller products, and implementing rigorous cost discipline under the new COO, Rosalie Berman.
The company is exploring white space opportunities in public markets, private markets, and wealth management , and has successfully launched 7 active ETFs in the U.S., accumulating $1 billion in AUM. Lazard is also investing in AI to enhance investment processes and operational efficiency.

Feb 11, 2026, 3:30 PM

Transcript

Lazard Asset Management CEO Outlines Strategic Priorities and Growth Initiatives

LAZ

Management Change

New Projects/Investments

Revenue Acceleration/Inflection

Chris Hogbin was appointed CEO of Lazard Asset Management in December 2025, overseeing approximately $265 billion AUM. His core priorities are delivering investment performance, growing the business, and capitalizing on growth profitably.
Lazard Asset Management achieved $8.5 billion in net inflows for 2025 (excluding one significant client relationship closure) and started 2026 with just under $3 billion in net inflows for January, with confidence in being net flow positive for the entire year.
The firm is focused on improving its operating margins by scaling existing products, rationalizing smaller products, and implementing disciplined cost controls.
Strategic growth initiatives include expanding into new public market areas, private markets, and the wealth area, building on the successful launch of 7 active ETFs in the U.S. in 2025, which accumulated $1 billion.
Eric Van Nostrand was appointed Chief Investment Officer to enhance investment performance, with approximately two-thirds of AUM outperforming its benchmark as of year-end 2025.

Feb 11, 2026, 3:30 PM

Transcript

Lazard Discusses 2030 Strategy, Capital Allocation, and Economic Outlook

LAZ

New Projects/Investments

Share Buyback

Management Change

Lazard's CEO, Peter Orszag, outlined the Lazard 2030 strategy, which includes a C-Corp conversion to attract new investors and a transformed "commercial and collegial" culture. The firm aims to gain market share in advisory across North America, Europe, and the Middle East, with private capital advisory revenue targeted to reach 50% of a larger pie, up from the current 40%.
The firm has significantly transformed its advisory business, parting with 80 out of 200 managing directors at the end of 2022 and subsequently increasing productivity per managing director by $2.5 million relative to 2023. Lazard is also investing heavily in AI to improve internal efficiency and client service, anticipating smaller deal teams in the future.
In asset management, Lazard is projecting net positive flows for the year, supported by $13 billion of won but not yet funded mandates. This is driven by a focused strategy on quant and systematic platforms, emerging market equity, and customized solutions, under new leadership including Chris Hogbin as head of asset management.
Lazard is shifting its capital allocation strategy, placing a lower priority on share buybacks (beyond offsetting dilution) and instead focusing on inorganic opportunities that add growth or building cash and/or delevering.
The CEO characterized the U.S. economy as "strong but fragile," propelled by the AI investment boom and high-income consumers. He also noted a more accommodating regulatory environment is creating a window for large M&A transactions, which Lazard aims to capitalize on.

Feb 10, 2026, 2:40 PM

Transcript

Lazard Discusses "Lazard 2030" Strategy, Business Transformation, and Capital Allocation

LAZ

Hiring

New Projects/Investments

M&A

Lazard's CEO, Peter Orszag, outlined the "Lazard 2030" strategy, which includes a C-Corp conversion to enhance investor attractiveness, a revamped board, and a cultural transformation towards a "commercial and collegial" spirit.
The advisory business has undergone significant changes, including parting with 80 out of 200 managing directors by the end of 2022 and subsequently replacing them, leading to a $2.5 million per managing director increase in productivity relative to 2023. The share of advisory revenue from private capital has grown from 20-25% to 40%, with a target of 50% of a larger pie.
The asset management business is focusing on active management strategies such as quant and systematic platforms, emerging market equity, and customized solutions, with the company projecting net positive flows for the year. New leadership has been appointed, including Chris Hogbin as head of the business, Eric Van Nostrand as CIO, and Rosalie Berman as COO.
Lazard's capital allocation strategy now prioritizes inorganic growth opportunities and building cash or deleveraging over additional share buybacks beyond offsetting dilution. The company is also actively integrating AI tools to improve efficiency, productivity, and client value, anticipating smaller deal teams in the future.

Feb 10, 2026, 2:40 PM

Transcript

Lazard Outlines Strategic Transformation and Growth Initiatives at Bank of America Conference

LAZ

Hiring

New Projects/Investments

Share Buyback

Lazard has undergone significant corporate and cultural changes, including a C-Corp conversion to enhance shareholder returns and attract new investors, and a cultural transformation fostering a "commercial and collegial" attitude.
The advisory business has been substantially restructured, with 80 out of 200 managing directors replaced since late 2022, leading to a $2.5 million increase in productivity per managing director relative to 2023. The firm is rebalancing its focus, with private capital advisory revenue growing to 40% and targeted to reach 50%, while also re-emphasizing large-cap public company work.
The asset management business is concentrating on high-conviction areas such as quant and systematic platforms and emerging market equity, reporting $13 billion in won but not yet funded mandates and projecting net positive flows for the year. New leadership is in place to drive growth, including in wealth management and active ETFs.
Lazard has shifted its capital allocation priorities, making share buybacks a lower priority (beyond offsetting dilution from deferred compensation) in favor of inorganic growth opportunities or building cash/deleveraging. The firm is also leveraging AI to improve operational efficiency and banker productivity, anticipating smaller deal teams in the future.

Feb 10, 2026, 2:40 PM

Transcript

Lazard Announces Q4 and Full Year 2025 Results, CFO Transition, and Positive Outlook

LAZ

Earnings

CFO Change

Guidance Update

Lazard reported firm-wide revenue of $3 billion for the full year 2025, a 5% increase from 2024, including record financial advisory revenue of $1.8 billion.
Asset Management revenue reached $1.2 billion for the full year 2025, with Assets Under Management (AUM) at $254 billion as of December 31, 2025, an increase of 12% from December 2024.
The company expects positive net flows in Asset Management for 2026 and anticipates financial advisory activity to accelerate in 2026.
Lazard returned $393 million to shareholders in 2025, comprising $187 million in dividends and $91 million in share repurchases. A quarterly dividend of $0.50 per share was also declared.
Mary Ann Betsch transitioned from her role as CFO, with Tracy Farr appointed as the new Chief Financial Officer.

Jan 29, 2026, 1:00 PM

Transcript

Lazard Reports Q4 and Full Year 2025 Results, Highlights 2030 Strategy and AI Initiatives

LAZ

Earnings

Guidance Update

New Projects/Investments

Lazard reported Total Net Revenue of $892 million for Q4 2025 and $3,030 million for the full year 2025, with Adjusted Diluted Net Income per share of $2.44 for FY 2025.
The company is pursuing a Lazard 2030 Strategy with goals to double revenue by 2030 and achieve an average Total Shareholder Return (TSR) of 10-15% per year through 2030. This strategy includes significant investment in an AI-enabled future, marked by the LazGPT 2.0 launch and Asset AI Toolkit expansion in 2025.
For the full year 2025, Financial Advisory Net Revenue reached $1,825 million and Asset Management Net Revenue was $1,166 million. The Financial Advisory segment also hired 21 Managing Directors in 2025.
Lazard returned $393 million in capital for FY 2025.

Jan 29, 2026, 1:00 PM

Presentation

Lazard Reports Q4 and Full Year 2025 Results, Announces New CFO

LAZ

Earnings

CFO Change

Revenue Acceleration/Inflection

Lazard reported firm-wide revenue of $3 billion for the full year 2025, a 5% increase from 2024, and $892 million for Q4 2025, up 10% year-over-year.
Financial Advisory achieved record revenue of $1.8 billion in 2025, with average revenue per Managing Director reaching $8.9 million, and a new goal set for $12.5 million per MD by 2030.
Asset Management revenue was $1.2 billion for 2025, with Assets Under Management (AUM) up 12% year-over-year to $254 billion as of December 31, 2025, and the firm expects positive net flows for 2026.
Tracy has been appointed as the new Chief Financial Officer (CFO), succeeding Mary Ann.
The company anticipates accelerated financial advisory activity and M&A in 2026, alongside continued strength in restructuring and liability management.

Jan 29, 2026, 1:00 PM

Transcript

Lazard Reports Q4 and Full Year 2025 Results, Announces CFO Transition

LAZ

Earnings

CFO Change

Revenue Acceleration/Inflection

Lazard reported firm-wide revenue of $3 billion for the full year 2025, a 5% increase from 2024, with record revenue in financial advisory of $1.8 billion.
Asset Management revenue was $1.2 billion for the full year 2025, and Assets Under Management (AUM) reached $254 billion as of December 31, 2025, marking a 12% increase from December 2024.
The company announced a CFO transition, with Tracy Farr succeeding Mary Ann Betsch.
Lazard achieved average revenue per Financial Advisory Managing Director of $8.9 million in 2025, an increase of $2.5 million per MD since 2023, and set a goal to reach $12.5 million per MD by 2030.
For the full year 2025, Lazard returned $393 million to shareholders, including $187 million in dividends and $91 million in share repurchases.