Lazard's (LAZ) July 2019 AUM Declines On Overall Net Outflows
Zacks Investment Research | Aug 13, 2019 08:56AM ET
Lazard Ltd. (NYSE:LAZ) recorded around 1.1% fall in preliminary assets under management (AUM) as of Jul 31, 2019, from the prior month. Total AUM came in at $234.8 billion, down from the June 2019 figure of $237.5 billion.
The July AUM displayed a $5.5-billion market appreciation of $1.5 billion. These positives were fully offset by net outflows of $2 billion and unfavorable foreign-exchange impact of $2.1 billion.
Lazard’s equity AUM at the end of July edged down 1.6% from the prior month to $192.8 billion. Also, other assets declined 2% to $4.9 billion. Yet, fixed income AUM surged marginally on a sequential basis to $37.2 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 lost around 8.9% in the past three months compared with the 3.2% decline recorded by the industry .
Lazard currently carries a Zacks Rank #4 (Sell).
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