Welcome to our dedicated page for Lazard news (Ticker: LAZ), a resource for investors and traders seeking the latest updates and insights on Lazard stock.
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 Ltd (NYSE: LAZ) announced that Evan L. Russo, CFO, will succeed Ashish Bhutani as the CEO of its Asset Management business effective June 1, 2022. Bhutani will step down to focus on philanthropic interests while remaining Chairman of Asset Management until year-end. Russo has been with Lazard since 2007 and has significantly contributed to its financial capabilities. Additionally, Alexander F. Stern, President since 2019, will retire at year-end but continue as Executive Chairman of Lazard Growth Acquisition Corp. I.
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Lazard Ltd (NYSE: LAZ) reported a preliminary assets under management (AUM) total of approximately $251.6 billion as of February 28, 2022. This figure reflects a market depreciation of $5.3 billion, net outflows of $2.1 billion, and foreign exchange appreciation of $0.3 billion. AUM is broken down into equity at $200.1 billion, fixed income at $44.9 billion, and other at $6.5 billion. The previous total AUM as of January 31, 2022 was $258.7 billion.
Lazard Ltd (NYSE: LAZ) has appointed Emilio Mahuad as the new Chief Executive Officer for its Mexico Financial Advisory business, effective immediately. With over 20 years in investment banking, Mahuad brings a wealth of experience and a strong network in Latin America. He previously led Global Banking operations at UBS in Mexico and advised on transactions exceeding $50 billion. His leadership is expected to enhance Lazard's performance in the Mexican market. Lazard continues to be a key player in financial advisory across the Americas.
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Lazard Ltd (NYSE: LAZ) reported preliminary assets under management (AUM) of approximately $258.7 billion as of January 31, 2022. This figure reflects market depreciation of $9.5 billion, net outflows of $4.1 billion, and foreign exchange depreciation of $1.5 billion. In comparison, AUM at the end of December 2021 was $273.7 billion, indicating a decline in total assets.
Lazard Ltd (NYSE: LAZ) reported record annual operating revenue of $3,139 million for 2021, a 24% increase from 2020. Adjusted net income reached $576 million, or $5.04 per share, marking a 40% rise compared to the previous year. The fourth quarter also saw record results with adjusted net income of $217 million. Financial Advisory revenue surged 27% to $1,778 million, while Asset Management revenue rose 20% to $1,329 million. Additionally, Lazard returned $670 million to shareholders in 2021, showcasing strong capital management and a commitment to long-term shareholder value.
Lazard Ltd (NYSE: LAZ) has declared a quarterly dividend of $0.47 per share on its outstanding common stock. This dividend is scheduled for payment on February 25, 2022, to stockholders of record as of February 14, 2022. Lazard, a leading financial advisory and asset management firm, operates globally and has a long-standing history dating back to 1848. The firm provides a wide range of financial services including mergers and acquisitions advice, strategic restructuring, and asset management.
Lazard Ltd (NYSE: LAZ) has appointed General John P. Abizaid as a Senior Advisor in its Financial Advisory division, effective immediately. Abizaid, a retired U.S. Army four-star General and former U.S. Ambassador to Saudi Arabia, will focus primarily on the Middle East and Europe. Lazard's leadership, including Chairman Kenneth M. Jacobs and CEO of Financial Advisory Peter R. Orszag, highlighted Abizaid's extensive experience and strategic insight, which they believe will enhance the firm's offerings to clients.
The Board of Directors of Lazard Global Total Return and Income Fund (NYSE:LGI) has announced a monthly distribution of $0.12473 per share on its common stock. This distribution is set for payment on February 22, 2022, to shareholders of record from February 9, 2022. The ex-dividend date is February 8, 2022. As of December 31, 2021, the Fund's net assets are allocated across 60 to 80 US and non-US equities, focusing on companies with market capitalizations exceeding $2 billion. Lazard Asset Management manages assets totaling $273.7 billion.