Q3 2025 Lazard Inc Earnings Call Transcript
Key Points
- Lazard Inc (LAZ) reported record third-quarter firmwide revenue of $725 million, up 12% from the same time last year.
- Financial Advisory revenue totaled $422 million, up 14% from one year ago, driven by strong M&A activity across various sectors.
- Asset Management revenue increased by 8% year over year, with net positive flows of $1.6 billion and total AUM up 17%.
- The company successfully recruited 20 new managing directors, enhancing its talent pool and positioning for future growth.
- Lazard Inc (LAZ) is making significant progress toward its long-term growth strategy, including expanding its team of Financial Advisory MDs and launching new ETF strategies.
- The US government shutdown may temporarily affect the timing of deal approvals, potentially impacting Financial Advisory activity.
- Despite strong inflows, the Asset Management business continues to experience outflows from sub-advised accounts.
- The company faces competition for senior talent, which could impact compensation leverage and talent retention.
- Non-compensation expenses are expected to increase by high-single-digit percentages year over year, driven by investments in technology and business development.
- The macroeconomic environment, including potential interest rate changes, could impact restructuring and liability management activities.
Good morning and welcome to Lazard's third-quarter and first nine months 2025 earnings conference call. This call is being recorded. (Operator Instructions) At this time, I will turn the call over to Alexandra Deignan, Lazard's Head of Investor Relations and Treasury. Please go ahead.
Good morning and welcome to Lazard's earnings call for the third-quarter and first nine months of 2025. I'm Alexandra Deignan, Head of Investor Relations and Treasury. In addition to today's audio comments, we have posted our earnings release on our website. A replay of this call will also be available on our website later today.
Before we begin, let me remind you that we may make forward-looking statements about our business and performance. There are important factors that could cause our actual results, level of activity, performance, achievements, or other events to differ materially from those expressed or implied by the forward-looking statements,
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