Lazard, Inc. (LAZ)
After hours:
- Reuters
Lazard reports August outflows of $7.5 billion due to client's strategy switch, source says
Lazard's asset management business saw net outflows of $7.5 billion in August after one of its clients switched to a passive investing strategy, a person familiar with the matter told Reuters on Thursday. The bank was one of several asset managers to be impacted after the client restructured its developed market assets portfolio, the person said, without naming the client. Passive investing typically refers to a buy-and-hold portfolio strategy that involves minimal trading in the market and mostly centers around investing in index-tracking funds.
- Investor's Business Daily
This Top Industry Group Is Loaded With Stocks In Bullish Chart Patterns
Interactive Brokers and other financial stocks are in bases. And investment banks have turned the corner with big earnings growth estimates.
- Business Wire
Lazard Reports August 2024 Assets Under Management
NEW YORK, September 12, 2024--Lazard, Inc. (NYSE: LAZ) reported today that its preliminary assets under management ("AUM") as of August 31, 2024 totaled approximately $244.3 billion. The month’s AUM included net outflows of $7.5 billion, market appreciation of $2.8 billion and foreign exchange appreciation of $3.0 billion. Gross outflows included approximately $7 billion from one client that restructured its developed market assets into passive strategies.
