Lazard Ltd. LAZ recorded a 3.9% rise in preliminary assets under management (AUM) as of Jul 31, 2022, from the previous month’s reading. The total AUM balance aggregated $225.1 billion, marking an increase from $216.6 billion in June.
The July AUM entailed a market appreciation of $9.8 billion, a negative foreign-exchange impact of $1 billion and net outflows of $0.3 billion.
Lazard’s equity AUM for July rose 4.8% from the prior month’s level to $178.4 billion. Also, fixed income AUM of $40.6 billion grew 1.8% sequentially. However, Other assets declined 5.4% to $6.1 billion.
Lazard is expected to capitalize on its forte of organic growth, highlighted by a robust revenue growth trend, which might get support from any improvement in AUM balance. However, increased dependence on advisory revenues and continued net outflows over the past months are major concerns.
The stock has rallied 2.3% over the past six months against a 10.3% decline witnessed by the industry.
Image Source: Zacks Investment Research
Currently, Lazard carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Asset Managers
Franklin Resources, Inc. BEN reported a preliminary AUM balance of $1,429.7 billion for July 2022. This reflects a 3.6% increase from $1,379.8 billion recorded as of Jun 30, 2022.
The rise in BEN’s AUM balance was primarily driven by upbeat market performance, partially offset by the long-term net outflows.
Invesco IVZ announced preliminary AUM for July 2022. The company’s month-end AUM of $1,449 billion represented a 4.2% rise from the prior month's end.
IVZ recorded net long-term outflows of $5.2 billion. Non-management fee-earning net inflows were $1.4 billion and money market net inflows were $5.1 billion. Foreign exchange rate movements did not have any material impact on the month’s AUM balance.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Franklin Resources, Inc. (BEN) : Free Stock Analysis Report
Invesco Ltd. (IVZ) : Free Stock Analysis Report
Lazard Ltd (LAZ) : Free Stock Analysis Report
To read this article on Zacks.com click here.