Lazard's (LAZ) AUM Increases In November On Higher Equity
Zacks Investment Research | Dec 11, 2019 09:38PM ET
Lazard Ltd. (NYSE:LAZ) recorded slight rise in preliminary assets under management (AUM), as of Nov 30, 2019, from the prior month. Total AUM came in at $236.7 billion, up from the October 2019 figure of $235.8 billion.
November AUM displayed a $3.8-billion market appreciation. The positives were fully offset by net outflows of $1.5 billion and unfavorable foreign-exchange impact of $1.4 billion.
Lazard’s equity AUM at the end of November edged up marginally from the prior month to $194.9 billion. However, other assets declined 4.3% to $4.5 billion. Fixed income AUM decreased slightly on a sequential basis to $37.3 billion.
Our Viewpoint
Lazard is well positioned to grow organically, driven by strength in its Financial Advisory and Asset Management segments. However, absence of continued growth in equity markets and stringent regulations remain headwinds.
The stock has gained around 11.8% in the past three months against 5.6% decline recorded by the industry .
Lazard currently carries a Zacks Rank #4 (Sell).
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