Earnings summaries and quarterly performance for Lazard.
Executive leadership at Lazard.
Board of directors at Lazard.
Research analysts who have asked questions during Lazard earnings calls.
Brendan O'Brien
Wolfe Research
7 questions for LAZ
Also covers: CG, EVR, HLI +4 more
James Yaro
Goldman Sachs
7 questions for LAZ
Also covers: COIN, CRCL, ETOR +11 more
Ryan Kenny
Morgan Stanley
7 questions for LAZ
Also covers: C, EVR, HLI +2 more
Brennan Hawken
UBS Group AG
5 questions for LAZ
Also covers: AMP, AMTD, APO +26 more
Devin Ryan
Citizens JMP
4 questions for LAZ
Also covers: AMTD, COIN, CRCL +19 more
Michael Brown
Wells Fargo Securities
4 questions for LAZ
Also covers: APO, ARES, BAM +18 more
Aidan Hall
KBW
3 questions for LAZ
Also covers: EVR, HLI, HLNE +5 more
Alex Bond
Keefe, Bruyette & Woods (KBW)
3 questions for LAZ
Also covers: EVR, HLI, MC +3 more
James Mitchell
Seaport Global Holdings LLC
3 questions for LAZ
Also covers: BAC, BK, C +9 more
Jim Mitchell
Seaport Global
2 questions for LAZ
Also covers: BAC, C, EVR +2 more
Alex Jenkins
Citizens
1 question for LAZ
Also covers: HLI
Ben Rubin
UBS
1 question for LAZ
Also covers: BAM, CNS, EVR +5 more
Recent press releases and 8-K filings for LAZ.
Lazard CEO Peter Orszag Discusses Strategic Transformation, 2026 Outlook, and Asset Management Growth
LAZ
Management Change
Revenue Acceleration/Inflection
New Projects/Investments
- Lazard's Financial Advisory business completed a significant transformation, separating from 87 managing directors (out of 212 at end of 2022) and hiring/promoting 91 over the past two years, with 40% of current MDs in their first three years, expected to normalize to 30% for an estimated $1 million per MD productivity gain. The firm's advisory revenue tied to private capital has increased from 25% in 2019 to 40% today, with a target of 50%.
- The company projects positive net flows for 2026 in its Asset Management business, following the closure of a large sub-advised account, and reported $8.7 billion in net inflows year-to-date outside of that specific account. Chris Hogbin has taken over as the head of Asset Management, focusing on active management strategies, talent, and AI deployment.
- Lazard anticipates strong M&A activity in 2026, driven by private equity sponsors needing to return cash to LPs, alongside continued significant restructuring and liability management. The firm also expects higher European IPO activity in 2026 due to company size, regulatory simplification, and increased local investment from UK pension funds.
- Lazard aims for a 60% or lower compensation ratio, with operating leverage driven by increased revenue per managing director in advisory and scale per strategy in asset management. Capital return priorities include offsetting dilution from deferred compensation and pursuing inorganic growth opportunities.
4 hours ago
Lazard CEO Discusses Strategic Transformation and 2026 Outlook
LAZ
Hiring
Revenue Acceleration/Inflection
New Projects/Investments
- Lazard's Financial Advisory business completed a significant cultural and talent transformation, separating from 87 managing directors (MDs) and hiring/promoting 91 over two years, with 40% of MDs now in their first three years. This is projected to increase productivity by $1 million per MD as the proportion of new MDs stabilizes at 30%.
- The Asset Management business anticipates positive net flows for 2026, having achieved $8.7 billion in year-to-date net inflows outside of a recently closed sub-advised account, and noting an acceleration in gross inflows.
- Strategically, Lazard is expanding its advisory services, with revenue tied to private capital increasing from 25% in 2019 to 40% today, targeting 50%. The firm foresees strong M&A activity in 2026, driven by private equity, alongside growth in restructuring and private capital advisory.
- Lazard is committed to achieving a 60% or lower compensation ratio, primarily by increasing revenue per MD in advisory and enhancing scale per strategy in asset management. The company is also focused on becoming the leading AI-enabled firm among its competitors.
5 hours ago
Lazard Discusses Strategic Transformation and 2026 Outlook
LAZ
Guidance Update
M&A
Hiring
- Lazard's CEO, Peter Orszag, detailed a significant transformation in Financial Advisory, involving the separation of 87 managing directors and the hiring/promotion of 91 over two years, which is expected to enhance productivity by $1 million per managing director.
- The Asset Management business projects positive net flows for 2026, having achieved $8.7 billion in net inflows year-to-date outside of a recently closed large sub-advised account.
- Lazard anticipates a strong M&A market in 2026, driven by private equity sponsor activity, alongside significant restructuring, liability management, and a projected wave of European IPOs.
- Strategic initiatives include increasing advisory revenue from private capital to 50% from the current 40%, expanding the ETF platform, and targeting a compensation ratio of 60% or lower.
5 hours ago
Lazard Reports November 2025 Assets Under Management
LAZ
Demand Weakening
- Lazard's preliminary assets under management (AUM) totaled approximately $250.8 billion as of November 30, 2025.
- The month's AUM included net outflows of $18.0 billion, primarily driven by $16.8 billion from the closure of one U.S. sub-advised relationship.
- Excluding this large U.S. sub-advised account, Lazard reported net inflows of $8.7 billion year to date.
- Total AUM decreased from $267.8 billion as of October 31, 2025, with Equity AUM at $196.2 billion, Fixed Income at $45.4 billion, and Other at $9.3 billion as of November 30, 2025.
9 hours ago
Lazard reports October 2025 Assets Under Management
LAZ
- Lazard's preliminary Assets Under Management (AUM) totaled approximately $267.8 billion as of October 31, 2025.
- During October 2025, AUM was positively impacted by market appreciation of $6.9 billion, but experienced net outflows of $1.4 billion and FX depreciation of $2.2 billion.
- Equity AUM increased to $212,643 million as of October 31, 2025, from $208,510 million as of September 30, 2025, while Fixed Income AUM decreased to $46,145 million from $47,186 million over the same period.
Nov 12, 2025, 11:45 AM
Lazard Reports September 2025 Assets Under Management
LAZ
Guidance Update
- Lazard reported preliminary Assets Under Management (AUM) totaling $264.537 billion as of September 30, 2025.
- For the month, AUM included $5.4 billion in market appreciation, $0.5 billion in FX appreciation, and $0.3 billion in net inflows.
- The preliminary average AUM for the quarter ended September 30, 2025, was $257.4 billion.
- As of September 30, 2025, the AUM composition included $208.510 billion in Equity, $47.186 billion in Fixed Income, and $8.841 billion in Other assets.
Oct 10, 2025, 10:45 AM
Lazard Asset Management Converts Mutual Fund to US Systematic Small Cap ETF
LAZ
Product Launch
New Projects/Investments
- Lazard Asset Management has successfully converted the Lazard US Systematic Small Cap Equity Portfolio into the Lazard US Systematic Small Cap Equity ETF (NASDAQ: SYZ).
- The new ETF aims to generate above-market returns by investing in the under-covered, inefficient market of US small cap stocks, while seeking to deliver tax efficiency at lower fees.
- SYZ utilizes Automated Fundamental Analysts to systematically survey 2,500 small cap stocks for compelling opportunities.
- This launch is a strategic addition to Lazard's actively managed ETF platform.
Sep 15, 2025, 12:00 PM
Monte Rosa Therapeutics Announces Collaboration with Novartis for Immune-mediated Disease Degraders
LAZ
New Projects/Investments
Revenue Acceleration/Inflection
- Monte Rosa Therapeutics has entered into a second collaboration agreement with Novartis to develop novel degraders for immune-mediated diseases, utilizing Monte Rosa's proprietary AI/ML-enabled QuEEN™ product engine.
- Under the terms of the agreement, Monte Rosa will receive an upfront payment of $120 million.
- Monte Rosa is eligible to receive up to $5.7 billion in total deal value, including various milestone payments and tiered royalties on global net sales.
- This collaboration is expected to strengthen Monte Rosa's financial position and extend its cash runway, enabling the acceleration of its preclinical and clinical-stage immunology & inflammation pipeline.
Sep 15, 2025, 11:00 AM
Lazard Reports July 2025 Assets Under Management
LAZ
- Lazard's preliminary Assets Under Management (AUM) totaled approximately $253.7 billion as of July 31, 2025.
- This figure increased from $248.360 billion as of June 30, 2025.
- The AUM growth for July 2025 was primarily driven by net inflows of $4.5 billion and market appreciation of $3.9 billion, though it was partially offset by FX depreciation of $3.2 billion.
- As of July 31, 2025, the AUM composition included $198,773 million in Equity, $45,980 million in Fixed Income, and $8,900 million in Other assets.
Aug 12, 2025, 10:45 AM
Lazard Global Total Return and Income Fund Declares Monthly Distribution
LAZ
Dividends
Guidance Update
- Lazard Global Total Return and Income Fund (LGI) confirmed a monthly distribution of $0.14646 per share, payable on August 22, 2025, to shareholders of record on August 11, 2025.
- The estimated sources for the current distribution include 28% net income, 3% net realized short-term capital gains, 28% net realized long-term capital gains, and 41% return of capital. For the fiscal year to date, 59% of the cumulative distributions are estimated to be return of capital.
- As of June 30, 2025, the fund reported a 5-year average annual total return (in relation to NAV) of 10.76% and an annualized current distribution rate (as a percentage of NAV) of 9.84%.
- The Fund's investment objective is total return, achieved by investing in a portfolio of approximately 60 to 80 US and non-US equity securities, and potentially emerging market currencies and debt obligations.
Jul 22, 2025, 8:30 PM
Quarterly earnings call transcripts for Lazard.
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