Lazard Ltd. ( (LAZ) ) has released its Q3 earnings. Here is a breakdown of the information Lazard Ltd. presented to its investors.
Lazard Ltd. is a global financial advisory and asset management firm providing services such as mergers and acquisitions advice, asset management, and strategic consulting to institutions, corporations, governments, and individuals. In its latest earnings report, Lazard Ltd. reported a notable increase in its financial performance metrics for the third quarter of 2024, with a 24% rise in firm-wide adjusted net revenue year-to-date and a 39% increase in financial advisory adjusted net revenue. The firm also saw an 8% increase in assets under management compared to the previous year.
The financial advisory segment showed strong results with a net revenue of $371 million in the third quarter, marking a 39% increase compared to the same period last year. Asset management also contributed positively, with net revenue of $294 million, reflecting a 3% increase. Lazard’s strength in handling complex M&A transactions globally has played a significant role in this growth, alongside its expanding work with private capital.
Lazard’s asset management segment saw a steady growth in assets under management, reaching $248 billion by the end of September 2024, supported by market appreciation and foreign exchange gains despite net outflows. The firm also maintained a disciplined approach to managing its expenses, with adjusted non-compensation expenses showing a slight decrease year-over-year.
Looking forward, Lazard’s management remains optimistic about continuing to deliver long-term shareholder value through its strategic initiatives and maintaining its position in the financial advisory and asset management sectors. The firm’s strong financial position and ongoing strategic hires are set to support its growth trajectory.
