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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