Lazard's (LAZ) February AUM Declines On Lull In Equity Market
Zacks Investment Research | Mar 11, 2020 10:16PM ET
Lazard Ltd. (NYSE:LAZ) reported a decline of 6.9% in preliminary assets under management (AUM) as of Feb 29, 2020 from the prior month. Total AUM came in at $226.8 billion, down from the January 2020 figure of $243.6 billion.
February AUM displayed $14-billion market depreciation, net outflows of $0.9 billion and unfavorable foreign-exchange impact of $1.9 billion.
Lazard’s equity AUM at the end of February fell 8% from the previous month to $184 billion. Further, other assets declined 2.2% to $4.4 billion. Fixed income AUM decreased slightly on a sequential basis to $38.4 billion.
Our Viewpoint
Lazard is well poised to grow organically, driven by strength in Financial Advisory and Asset Management segments. However, absence of continued growth in equity markets owing to the coronavirus crisis and stringent regulations remain headwinds.
The stock has lost around 23.8% in the past three months compared with the Zacks Investment Research
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