Lazard, Inc. reports developments in financial advisory and asset management, its two recurring business lines. The firm provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, while its asset management business offers investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals.
Recurring LAZ news includes quarterly operating results, monthly assets-under-management updates with flow, market, foreign-exchange and asset-class detail, common-stock dividend declarations, additions to advisory sector groups, and strategic updates for the global platform. Coverage also reflects the firm’s operations in North and South America, Europe, the Middle East, Asia and Australia.
Lazard (NYSE: LAZ) reported preliminary assets under management (AUM) of $234.4 billion for November 2024. The month's performance showed mixed results with $3.0 billion in market appreciation offset by $2.3 billion in net outflows and $2.2 billion in foreign exchange depreciation.
The AUM breakdown includes $181.8 billion in Equity, $44.5 billion in Fixed Income, and $8.1 billion in Other assets. These figures represent a slight decrease from October 2024's total AUM of $235.8 billion.
Lazard (NYSE: LAZ) has initiated a consent solicitation for amendments to the indenture governing four series of senior notes issued by Lazard Group , its wholly owned subsidiary. The notes include:
- 3.625% Senior Notes Due 2027 ($300M)
- 4.500% Senior Notes Due 2028 ($500M)
- 4.375% Senior Notes Due 2029 ($500M)
- 6.000% Senior Notes Due 2031 ($400M)
The proposed amendments would allow parent entity Lazard to file required reports instead of Lazard Group. Noteholders who provide valid consents before December 11, 2024, will receive $1.50 per $1,000 principal amount. Lazard will guarantee the payment of amounts owed to noteholders, with these guarantees ranking pari passu with Lazard's other unsecured unsubordinated obligations.
Lazard (NYSE: LAZ) announces key leadership changes effective January 1, 2025. Dan Schulman has been appointed as Lead Independent Director, succeeding Richard D. Parsons, while CEO Peter R. Orszag will become Chairman of the Board. Kenneth M. Jacobs will transition from Executive Chairman to Senior Chairman of the Firm and Senior Advisor to the Board, stepping down from his board seat on December 31, 2024. These changes represent the culmination of a multi-year succession planning process. In his new role, Jacobs will continue advising key clients globally while Orszag will lead the implementation of the company's Lazard 2030 vision.
Lazard Global Total Return and Income Fund (NYSE:LGI) has announced its monthly distribution of $0.14941 per share, payable on December 23, 2024, to shareholders of record on December 11, 2024. The distribution comprises 100% net realized long-term capital gains. For the fiscal year to date, distributions total $1.37459 per share, consisting of 73% long-term capital gains and 27% return of capital. The Fund reports a 5-year average annual return of 9.05% and an annualized distribution rate of 9.93% based on NAV as of October 31, 2024. The Fund invests in a portfolio of 60-80 US and non-US equity securities, with a focus on companies having market capitalizations above $2 billion.
Lazard (NYSE: LAZ) announced that CEO Peter R. Orszag will participate in a fireside chat at the Goldman Sachs U.S. Financial Services Conference in New York. The event is scheduled for Tuesday, December 10, 2024, at 9:20 a.m. EST.
The company will provide a live audio webcast through their Investor Relations website at www.lazard.com, with a replay available shortly after the conference concludes.
Lazard (NYSE: LAZ) has appointed Jennifer Tedesko as Managing Director within its Private Capital Advisory business in San Francisco. The expansion includes adding a Director for private equity distribution and transferring a PCA professional from London. This strengthens Lazard's West Coast presence, making it the second-largest U.S. hub for private equity client advisory. Tedesko brings over 25 years of private equity advisory experience, previously serving as Managing Director at Campbell Lutyens and Partner at Atlantic Pacific Capital. The firm has recently advised on several West Coast deals, including Kingswood Capital Management Funds and Pacific Avenue Capital Partners I.
Lazard (NYSE: LAZ) reported preliminary assets under management (AUM) of $235.8 billion for October 31, 2024. The month saw significant decreases across multiple factors: $4.4 billion in market depreciation, $4.2 billion in foreign exchange depreciation, and $3.3 billion in net outflows. The AUM breakdown includes $182.1 billion in Equity, $45.5 billion in Fixed Income, and $8.2 billion in Other assets, showing a decline from September's total AUM of $247.7 billion.
Lazard (NYSE: LAZ) reported strong Q3 2024 results with net revenue of $785 million and adjusted net revenue of $646 million. Financial Advisory revenue increased 39% year-to-date, while Asset Management saw 8% growth in AUM compared to last year. The company's Q3 2024 net income was $108 million ($1.02 per share), with adjusted net income of $40 million ($0.38 per share). Assets Under Management reached $248 billion, driven by market appreciation of $9.4 billion and foreign exchange appreciation of $6.0 billion, despite net outflows of $12.4 billion.
Lazard (NYSE: LAZ) has announced that its Board of Directors has declared a quarterly dividend of $0.50 per share on its outstanding common stock. The dividend will be paid on November 15, 2024, to shareholders recorded as of November 8, 2024.
Lazard (NYSE: LAZ) announced that its subsidiary Lazard Group will redeem all outstanding 3.750% Senior Notes due February 13, 2025, on December 12, 2024. The Notes, issued under the Indenture dated May 10, 2005, have an outstanding principal amount of $164,347,000. The redemption will be executed at a make-whole redemption price calculated according to the Indenture terms. Interest on the Notes will cease to accrue from the redemption date.