Lazard Ltd Stock Price, News & Analysis

Lazard Asset Management (LAM) has acquired Truvvo Partners, a U.S. firm with $3.8 billion in Assets Under Management (AUM), enhancing LAM's service offerings in wealth management. The new entity, Lazard Family Office Partners, will manage approximately $8 billion, integrating diverse investment management and advisory services. This acquisition is timely, as demand for sophisticated wealth management solutions grows. With this move, LAM aims to further solidify its position in the wealth management sector, ultimately boosting its AUM to about $22 billion, including European assets.

Lazard Asset Management has appointed Larry Cohen as Managing Director and Global Head of Technology & Operations, effective immediately. Cohen has extensive experience in the asset management sector, having previously worked at firms like Goldman Sachs and AllianceBernstein. His role will focus on enhancing the firm’s technology and operational infrastructure to support growth. This move is seen as a strategic effort to refine operations within Lazard's asset management business, which managed approximately $216 billion in client assets as of December 31, 2022.

Lazard Ltd (NYSE: LAZ) reported its preliminary assets under management (AUM) as of January 31, 2023, totaling approximately $230.6 billion. This figure includes market appreciation of $11.6 billion, foreign exchange appreciation of $2.0 billion, and net inflows of $1.1 billion. The firm saw significant growth in equity, which reached $179.4 billion compared to $167.4 billion a year prior. Total AUM also increased from $216.1 billion year-over-year, highlighting a positive trend in the firm’s financial health.

Lazard Ltd (NYSE: LAZ) reported annual operating revenue of $2.769 billion for 2022, down 12% from 2021. Financial Advisory revenue decreased by 7% to $1.652 billion, while Asset Management revenue fell 17% to $1.099 billion. The company returned $936 million to shareholders, including $692 million in share repurchases. Adjusted net income for 2022 was $384 million ($3.73 per share), a 33% decline year-over-year. The firm ended the year with $216 billion in assets under management, down 21% from 2021. CEO Kenneth M. Jacobs expressed confidence in Lazard's ability to navigate market challenges ahead.

Lazard Ltd (NYSE: LAZ) announced a quarterly dividend of $0.50 per share on its common stock. This dividend will be payable on February 24, 2023, to stockholders of record as of February 13, 2023. With a history of financial advisory and asset management, Lazard operates in 43 cities across 26 countries. The firm, now celebrating its 175th year, offers services including advice on mergers and acquisitions, capital markets, and restructuring solutions.

Lazard Asset Management (LAM) has appointed Jennifer Ryan as Managing Director and Head of North American Distribution, effective immediately. Ms. Ryan, with over 25 years of experience, previously held leadership roles at BlackRock and Goldman Sachs. She will oversee LAM’s business development in North America, focusing on the Institutional Client Group and Alternative Investments Sales. CEO Evan Russo emphasized her expertise in understanding the North American market. LAM managed $216 billion in client assets as of December 31, 2022, reflecting its significant presence in the asset management industry.

Lazard Ltd (NYSE: LAZ) has appointed Wassim Al-Khatib as the new Chief Executive Officer of its Financial Advisory business in the Middle East and North Africa (MENA), pending regulatory approval. Al-Khatib will operate from the Riyadh office, which is set to be the regional hub for MENA Investment Banking. Peter Orszag, Lazard's CEO of Financial Advisory, expressed confidence in Al-Khatib's experience and leadership abilities. Previously, Al-Khatib was CEO of Citigroup Saudi Arabia and has significant transaction experience in the MENA region, highlighting Lazard's commitment to expanding its client engagement in this key market.