The following is a summary of the Lazard, Inc. (LAZ) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Lazard reported a record Q1 revenue of $747 million, a 42% YoY increase, primarily driven by the financial advisory business.

• In Financial Advisory, net revenue was $447 million, a 63% YoY increase due to strong performance across the U.S. and Europe.

• In Asset Management, adjusted net revenue of $276 million was up 4% YoY with average Assets under Management (AUM) up 6% from 2023 and AUM of $250 billion.

• Lazard returned $121 million to shareholders in Q1 2024 including dividends and share repurchases, maintaining a healthy stakeholder relationship.

• Compensation and non-compensation expenses decreased significantly.

Business Progress:

• Lazard hired four new managing directors in Q1 and actively pushed for recruitment initiatives, signaling investment in human capital.

• A partnership with Alaya Partners provides potential for future client opportunities in private market and alternative investment solutions.

• Lazard is implementing generative AI for business efficiency and improved client service.

• Brand and cultural initiatives have yielded increased client conversations and new business.

• The firm has seen substantial increase in restructuring and liability management revenues, which is projected to continue due to approaching debt maturities.

• Lazard has been developing stronger relationships with private capital and large alternative asset managers, consolidating its position in financial markets.

More details: Lazard IR

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