Additionally, financial advisory and asset manager Lazard Ltd.(LAZ, Financial) advanced in the quarter. As the leader in cross-border M&A advisory in Europe, LAZ has begun to see a broad-based pick up in strategic dialogues, boding well for activity levels in a region where businesses have reopened quicker than the U.S. Furthermore, on the premise that central banks will begin to roll back stimulus in both the U.S. and Europe in 2021, management expects restructuring activity to reach historical levels. Lastly, investor demand for LAZ's quant and fundamental products across its global, multi-regional and emerging market platforms have driven strong gross flows.
From John Rogers (Trades, Portfolio)' Ariel Focus Fund third-quarter 2020 commentary.
