Lazard's AUM Rises in July: Will the Growth Momentum Continue?

LAZ's AUM rises marginally in July to $286.9B on market appreciation despite net outflows. Let's see if it can sustain AUM growth on strong client demand.

Zacks Equity Research

3 min read

Lazard, Inc. LAZ reported a preliminary asset under management (AUM) balance of $286.9 billion as of July 31, 2026, reflecting a marginal increase from the prior month. The monthly increase was driven by $1.5 billion in market appreciation, $0.4 billion in net inflows, and $0.4 billion in foreign exchange appreciation.

Over the past several years, the company has demonstrated steady AUM growth despite market volatility. Although AUM declined in 2022, the metric recorded a CAGR of 2.8% during 2016-2025. The growth momentum continued in the first half of 2026, with net inflows of $9 billion in the first quarter partly offset by $1.6 billion of net outflows in the second quarter, resulting in $7.4 billion of net inflows. This marked Lazard’s strongest first-half inflow performance in nearly 20 years and compared favorably with net outflows of $19.7 billion in the fourth quarter of 2025, reflecting an improvement in client demand and flow trends.

AUM Growth

Image Source: Lazard, Inc.

In July, Lazard’s equity assets increased 0.9% month over month to $216.2 billion, while multi-asset and alternative assets rose 0.6% and 2.3%, respectively, to $24.6 billion and $11.1 billion. However, fixed-income assets declined slightly sequentially to $35.0 billion.

The company’s strategic initiatives continue to support its AUM expansion efforts. The acquisition of Truvvo Partners in March 2023 added $3.8 billion in AUM, strengthening the firm’s wealth management capabilities and expanding its reach among high-net-worth clients. Similarly, the partnership with Elaia Partners in Paris, which led to the establishment of Lazard Elaia Capital, enhanced the company’s exposure to private market investments, particularly in the technology sector.

Lazard’s acquisition of a controlling interest in Elaia Partners during the second quarter of 2026 further strengthened its private markets platform and added $1 billion to AUM. Client demand remains broad across quantitative strategies, emerging markets, Japanese equities, international equities, fixed income and private markets. These strategic initiatives, along with favorable client demand, continue to support the diversification of Lazard’s asset mix and position its AUM balance for sustained long-term growth across public and private markets.

Despite periodic pressure from net outflows and foreign exchange depreciation, Lazard’s strong client flows, diversified product portfolio and strategic investments in private markets are expected to support continued AUM growth. The company’s improving Asset Management performance and broad-based client demand should further aid AUM momentum in the coming quarters.

AUM Performance of Lazard’s Peers

Franklin Resources, Inc. BEN has witnessed steady AUM growth, with a 3.1% CAGR during fiscal 2021-2025. The growth trend continued in the first half of fiscal 2026, with AUM increasing year over year to $1.79 trillion as of June 30, 2026, supported by strong client demand and favorable market conditions.

Strategic expansion in alternatives, private markets and digital assets, including the Apera Asset Management and 250 Digital acquisitions, has diversified BEN’s asset base and should support continued AUM growth.

Similarly, T. Rowe Price Group, Inc. TROW has witnessed steady AUM growth, supported by its diversified asset mix. AUM recorded a 6.5% CAGR during 2020-2025, with the growth trend continuing in the first half of 2026.

TROW’s growth was driven by market appreciation and strength in multi-asset and fixed-income products, despite continued equity outflows.

LAZ’s Price Performance & Zacks Rank

Over the past year, shares of LAZ have declined 21.3% compared with the industry’s 24.8% decline.

Price Performance

Image Source: Zacks Investment Research

The company currently carries a Zacks Rank #5 (Strong Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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