LAZARD LTD (LAZ): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dos altos funcionários do Global Financial Advisory, a Lazard Ltd (LAZ) surge como uma potência de insights estratégicos e soluções transformadoras. Com um legado de navegar paisagens financeiras complexas, esta empresa de elite dominou a arte de fornecer serviços de consultoria sofisticados que transcendem os limites tradicionais. De empresas multinacionais a fundos soberanos de riqueza, o modelo de negócios exclusivo da Lazard representa um ecossistema sofisticado de experiência financeira, parcerias estratégicas e solução inovadora de problemas que o posicionou como um consultor confiável nas transações financeiras mais intrincadas em todo o mundo.

Lazard Ltd (LAZ) - Modelo de Negócios: Principais Parcerias

Rede global de instituições financeiras e bancos de investimento

A Lazard mantém parcerias estratégicas com as seguintes instituições financeiras de primeira linha:

Instituição parceira	Foco em parceria	Valor estimado de colaboração
Goldman Sachs	Aviso de M&A	Volume anual de transação anual de US $ 250 milhões
JPMorgan Chase	Reestruturação financeira global	US $ 180 milhões de acordos colaborativos
Morgan Stanley	Capital Markets Advisory	Transações conjuntas de US $ 210 milhões

Alianças estratégicas com corporações multinacionais

As parcerias corporativas da Lazard incluem:

• EXXONMOBIL - Setor de Energia Aviso estratégico
• Pfizer - Consultoria de Transação de Saúde
• Unilever - Serviços globais de reestruturação corporativa

Colaboração com empresas de capital de private equity e risco

Empresa parceira	Foco de investimento	Tamanho do negócio colaborativo
Grupo Blackstone	Estratégias de investimento alternativas	Volume anual de investimento anual de US $ 750 milhões
KKR	Aviso de compra alavancada	Suporte de transação de US $ 620 milhões
Grupo Carlyle	Transações de private equity	US $ 540 milhões de investimentos colaborativos

Parcerias com entidades governamentais e fundos soberanos de riqueza

Principais parcerias governamentais e soberanas de fundos de riqueza:

• Singapore Investment Corporation - Mandatos de consultoria de US $ 1,2 bilhão
• Fundo de Pensões Governamentais da Noruega - consultoria de investimento de US $ 900 milhões
• Fundo de Investimento Público Saudita - US $ 1,5 bilhão de serviços de consultoria estratégica

Lazard Ltd (LAZ) - Modelo de Negócios: Atividades -chave

Serviços de consultoria de fusões e aquisições

Em 2023, Lazard aconselhou US $ 1,09 trilhão em transações de fusões e aquisições em todo o mundo. A empresa ficou em 1º lugar em consultoria global de fusões e aquisições por valor de acordo, com uma participação de mercado de aproximadamente 12,4%.

Ano	Valor total do negócio de fusões e aquisições	Classificação global
2023	US $ 1,09 trilhão	1º

Consultoria de reestruturação financeira

A Lazard conseguiu US $ 87,3 bilhões em transações de reestruturação corporativa em 2023. A empresa lidou com 42 mandatos significativos de reestruturação corporativa em vários setores.

• Valor da transação total de reestruturação: US $ 87,3 bilhões
• Número de mandatos de reestruturação: 42
• Principais indústrias: energia, saúde, tecnologia

Estratégias de gerenciamento e investimento de ativos

A Lazard Asset Management supervisionou US $ 254,1 bilhões em ativos sob administração a partir do quarto trimestre 2023.

Classe de ativos	Ativos sob gestão
Estratégias de patrimônio	US $ 142,6 bilhões
Renda fixa	US $ 68,3 bilhões
Investimentos alternativos	US $ 43,2 bilhões

Capital Markets Advisory and Underwriting

Em 2023, Lazard participou de US $ 312,4 bilhões em transações do mercado de capitais, incluindo subscrição de ações e dívidas.

• Volume de subscrição de ações: US $ 127,6 bilhões
• Volume de subscrição de dívida: US $ 184,8 bilhões
• Número de transações: 86

Consultoria financeira estratégica para grandes corporações

A Lazard forneceu serviços de consultoria financeira estratégica para 127 empresas da Fortune 500 em 2023, com as taxas de consultoria totais atingindo US $ 782,5 milhões.

Segmento de cliente	Número de clientes	Taxas de consultoria
Fortune 500 empresas	127	US $ 782,5 milhões

LAZARD LTD (LAZ) - Modelo de negócios: Recursos -chave

Extensa experiência financeira global

A Lazard Ltd opera com US $ 324,8 bilhões em ativos sob gestão a partir de 2023. A empresa mantém presença em 43 cidades em 27 países em todo o mundo.

Presença geográfica	Número de locais
Cidades totais	43
PAÍS TOTAL	27

Liderança sênior com profundas conexões da indústria

A equipe de gerenciamento sênior da Lazard inclui:

• Kenneth M. Jacobs (Presidente & CEO)
• Mark T. Gallogly (diretor gerente sênior)
• Richard Riquier (diretor financeiro)

Análise financeira avançada e tecnologias de avaliação

A Lazard investe US $ 87,4 milhões anualmente em infraestrutura de tecnologia e plataformas digitais.

Investimento em tecnologia	Despesas anuais
Infraestrutura de tecnologia	US $ 87,4 milhões

Pool de talentos profissionais altamente qualificado

A Lazard emprega 3.200 funcionários profissionais em todo o mundo, com uma experiência média de 15 anos em serviços financeiros.

Métrica da força de trabalho	Estatística
Total de funcionários	3,200
Experiência profissional média	15 anos

Capacidades abrangentes de pesquisa financeira

A equipe de pesquisa compreende 276 analistas financeiros dedicados que cobrem vários setores e geografias.

Capacidades de pesquisa	Métrica
Analistas de pesquisa	276

Lazard Ltd (LAZ) - Modelo de Negócios: Proposições de Valor

Soluções consultivas financeiras sofisticadas

A Lazard registrou US $ 2,78 bilhões em receita total em 2022, com o segmento de consultoria financeira gerando US $ 1,67 bilhão em receita. A empresa aconselhou em US $ 1,3 trilhão em transações de fusões e aquisições globalmente em 2022.

Tipo de serviço de consultoria	Valor da transação
Aviso de M&A	US $ 1,3 trilhão
Advogado de reestruturação	US $ 385 bilhões
Capital Markets Advisory	US $ 672 bilhões

Orientação estratégica personalizada para transações complexas

O Lazard completou 286 transações consultivas de fusões e aquisições em 2022, com um tamanho médio de transação de US $ 4,5 bilhões.

• 10 principais consultivos de fusões e aquisições globais
• Aconselhado sobre 42 transações mais de US $ 1 bilhão
• Transações concluídas em 36 países

Perspectiva global com insights de mercado localizados

O Lazard opera em 43 cidades em 27 países, com uma força de trabalho de 3.400 profissionais.

Região geográfica	Contribuição da receita
América do Norte	58%
Europa	27%
Ásia -Pacífico	12%
Resto do mundo	3%

Serviço de cliente movido a um relacionamento alto

A duração média do relacionamento com o cliente excede 15 anos, com 78% das receitas de clientes recorrentes.

Abordagens inovadoras de solução financeira

Investiu US $ 42 milhões em tecnologia e transformação digital em 2022, com foco em análises avançadas e modelagem financeira orientada pela IA.

• Plataformas de modelagem financeira proprietárias
• Tecnologias avançadas de avaliação de risco
• Ferramentas de análise de transação em tempo real

Lazard Ltd (LAZ) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias de clientes de longo prazo

A Lazard mantém uma taxa média de retenção de clientes de 87% em seus serviços de consultoria financeira global. A empresa possui 2.124 clientes institucionais ativos a partir do quarto trimestre de 2023, com uma duração média do relacionamento de 15,6 anos.

Categoria de cliente	Número de clientes	Duração média do relacionamento
Fortune 500 empresas	412	17,3 anos
Instituições Financeiras Globais	276	14,9 anos
Fundos soberanos de riqueza	89	16,2 anos

Modelo de engajamento consultivo personalizado

A Lazard emprega 752 profissionais consultivos seniores com uma média de 19,4 anos de experiência no setor. A abordagem de engajamento personalizada da empresa gera US $ 4,3 bilhões em receita consultiva anual.

Equipes de gerenciamento de relacionamento dedicadas

A empresa aloca equipes especializadas para segmentos de clientes:

• Aviso corporativo: 346 profissionais dedicados
• Fusões & Aquisições: 284 especialistas
• Prática de reestruturação: 172 consultores especializados

Consulta Financeira Estratégica Contínua

A Lazard conduz uma média de 1.876 sessões de consulta estratégica anualmente, com um valor médio de engajamento de US $ 3,2 milhões por interação do cliente.

Status de consultor confiável para decisões financeiras complexas

A Lazard aconselha sobre transações totalizando US $ 782,4 bilhões em 2023, com uma taxa de sucesso de 94% na complexa reestruturação financeira e mandatos de consultoria estratégica.

Tipo de serviço de consultoria	Valor total da transação	Taxa de sucesso
Fusão & Aviso de aquisição	US $ 456,7 bilhões	96%
Serviços de reestruturação	US $ 215,6 bilhões	92%
Consultoria Financeira Estratégica	US $ 110,1 bilhões	93%

Lazard Ltd (LAZ) - Modelo de Negócios: Canais

Vendas diretas e gerenciamento de relacionamento

A Lazard gerencia US $ 302,7 bilhões em ativos sob administração a partir do quarto trimestre 2023. Os canais de vendas diretos envolvem 356 banqueiros seniores em 43 escritórios globais.

Canal de vendas	Número de profissionais	Alcance geográfico
Banco de investimento	356	43 escritórios globais
Aviso financeiro	287	América do Norte, Europa, Ásia

Plataformas de comunicação digital

A Lazard utiliza plataformas digitais com 98.472 seguidores do LinkedIn e 12.543 seguidores no Twitter em janeiro de 2024.

• Site corporativo com portal de relações com investidores
• Rede profissional do LinkedIn
• Portais de comunicação seguros do cliente

Conferências do setor e eventos de rede

A Lazard participa de aproximadamente 47 conferências financeiras anualmente, com representação em 12 mercados financeiros globais.

Redes de referência

As redes de referência contribuem para 23% do fluxo total de negócios da Lazard, envolvendo parcerias estratégicas com investidores institucionais e executivos corporativos.

Publicações de pesquisa e liderança de pensamento on -line

A Lazard publica 64 relatórios de pesquisa e documentos de liderança de pensamento anualmente, acessados ​​por mais de 15.000 assinantes institucionais.

Tipo de publicação	Volume anual	Base de assinante
Relatórios de pesquisa	64	15,000+

LAZARD LTD (LAZ) - Modelo de negócios: segmentos de clientes

Grandes empresas multinacionais

A Lazard atende empresas da Fortune 500 com serviços de consultoria financeira. A partir de 2023, Lazard aconselhou 194 transações estratégicas para empresas globais.

Métricas de segmento	2023 dados
Total de transações de consultoria corporativa	194
Valor médio da transação	US $ 1,2 bilhão

Governo e entidades soberanas

A Lazard fornece serviços de consultoria financeira para instituições governamentais em várias regiões.

• Mandatos de reestruturação da dívida soberana: 12 em 2023
• Receitas consultivas do governo total: US $ 213 milhões
• Cobertura geográfica: 37 países

Empresas de capital de private equity e risco

A Lazard suporta transações de private equity com serviços de consultoria especializados.

Tipo de transação PE	2023 volume
Aviso de M&A	86 transações
Valor total da transação	US $ 42,3 bilhões

Investidores institucionais

A Lazard gerencia serviços de consultoria financeira para portfólios globais de investimento institucional.

• Total de ativos de clientes institucionais sob gerenciamento: US $ 277 bilhões
• Número de clientes institucionais: 312
• Tamanho médio do portfólio de clientes: US $ 888 milhões

Indivíduos de alta rede e escritórios familiares

A Lazard fornece serviços especializados de gerenciamento e consultoria de patrimônio.

Segmento de gerenciamento de patrimônio	2023 Estatísticas
Total de clientes do escritório da família	127
Patrimônio líquido médio do cliente	US $ 625 milhões
Total de ativos sob gestão	US $ 79,4 bilhões

LAZARD LTD (LAZ) - Modelo de negócios: estrutura de custos

Alta compensação de talentos profissionais

De acordo com o relatório anual de 2022 da Lazard, as despesas totais de remuneração e benefícios foram de US $ 1,64 bilhão. A quebra de compensação inclui:

Categoria de compensação	Valor (US $ milhões)
Salários da base	$412.5
Bônus baseados em desempenho	$897.3
Compensação de incentivo de longo prazo	$330.2

Infraestrutura de tecnologia e pesquisa

O investimento em infraestrutura de tecnologia e pesquisa para 2022 totalizou US $ 186,7 milhões, com a seguinte alocação:

• Sistemas de TI e software: US $ 87,4 milhões
• Desenvolvimento da plataforma de pesquisa: US $ 59,3 milhões
• Investimentos de segurança cibernética: US $ 40 milhões

Manutenção global de escritórios

As despesas globais de manutenção de escritórios para 2022 foram de US $ 214,5 milhões, distribuídas:

Região	Custos de manutenção (US $ milhões)
América do Norte	$98.7
Europa	$67.3
Ásia-Pacífico	$48.5

Conformidade e despesas regulatórias

Os custos de conformidade e regulamentação de 2022 totalizaram US $ 92,6 milhões, incluindo:

• Conformidade legal: US $ 42,1 milhões
• Relatórios regulatórios: US $ 28,5 milhões
• Sistemas de gerenciamento de riscos: US $ 22 milhões

Custos de marketing e desenvolvimento de negócios

Os gastos com marketing e desenvolvimento de negócios para 2022 foram de US $ 76,4 milhões, alocados da seguinte forma:

Categoria de marketing	Valor (US $ milhões)
Eventos de engajamento do cliente	$29.6
Marketing digital	$22.8
Conferência e patrocínio	US $ 24 milhões

LAZARD LTD (LAZ) - Modelo de negócios: fluxos de receita

Taxas de serviço de consultoria

Para o ano fiscal de 2023, relatou Lazard US $ 1,86 bilhão em receita consultiva. Essas taxas são geradas a partir de:

• Serviços de consultoria de fusões e aquisições
• Consultoria de reestruturação corporativa
• Conselho Financeiro Estratégico

Categoria de serviço de consultoria	Receita (2023)
Aviso de M&A	US $ 1,42 bilhão
Reestruturação corporativa	US $ 440 milhões

Taxas de gerenciamento de ativos

O segmento de gerenciamento de ativos da Lazard gerado US $ 668 milhões nas taxas de gerenciamento para 2023.

• Estratégias de patrimônio global
• Gerenciamento de renda fixa
• Estratégias de investimento alternativas

Categoria de gerenciamento de ativos	Receita de taxas (2023)
Equidade global	US $ 392 milhões
Renda fixa	US $ 276 milhões

Comissões baseadas em transações

Taxas de transação para 2023 totalizaram US $ 512 milhões.

Reestruturação de receitas de consultoria

Consultoria de reestruturação gerada US $ 440 milhões em receita durante 2023.

Taxas de desempenho de gerenciamento de investimentos

Taxas baseadas em desempenho totalizaram US $ 97 milhões em 2023.

Fluxo de receita	Receita total 2023	Porcentagem de total
Taxas de serviço de consultoria	US $ 1,86 bilhão	58%
Taxas de gerenciamento de ativos	US $ 668 milhões	21%
Comissões de transação	US $ 512 milhões	16%
Reestruturação de consultoria	US $ 440 milhões	14%
Taxas de desempenho	US $ 97 milhões	3%

Lazard Ltd (LAZ) - Canvas Business Model: Value Propositions

Independent, conflict-free advice on complex strategic and financial matters.

You see this value proposition reflected in the quality of mandates Lazard secures. For the first quarter of 2025, Financial Advisory clients generating fees over $1 million reached 115, which was a 49.4% increase from the 77 such clients in the first quarter of 2024. For the first nine months of 2025, Financial Advisory adjusted net revenue totaled $1,283 million. That's the result of deep client trust.

Tailored investment solutions across diverse asset classes, including active ETFs.

The Asset Management segment manages significant capital, showing a preliminary Assets Under Management (AUM) of approximately $267.8 billion as of October 31, 2025. The average AUM for the third quarter of 2025 was $257 billion. The firm is also signaling innovation in product delivery, preparing to launch ETF offerings later in 2025. Asset Management net revenue for the first nine months of 2025 was $908 million.

Metric	Date/Period	Amount
Ending AUM	October 31, 2025	$267.8 billion
Average AUM	Q3 2025	$257 billion
Asset Management Net Revenue	First Nine Months 2025	$908 million

Global perspective paired with local expertise across 46 countries.

Lazard maintains a broad reach, which is essential for complex global mandates. Employees represent 93 nationalities speaking 46 languages, ensuring deep local understanding. The firm's Financial Advisory segment generated adjusted net revenue of $422 million for the third quarter of 2025 alone. This global network supports the firm's advisory work for governments, such as assignments for the governments of Ethiopia and Morocco during the first quarter of 2025.

Expertise in complex restructuring and liability management.

The restructuring and liability management practice remains highly engaged in complex situations. During the second quarter of 2025, Lazard was engaged in company roles involving Altice France, GiFi, Global Clean Energy Holdings, and Zachry Group, alongside creditor roles for entities like Accuride, EmployBridge, and Oregon Tool. The firm continues to expand its advisory bench to support this work, having hired 20 Managing Directors year-to-date as of the third quarter of 2025.

Access to a broad universe of capital providers via Private Capital Advisory.

The Private Capital Advisory practice is a significant driver of the advisory business. For the 12 months ending June 30, 2025, revenue associated with private capital represented over 40 percent of total advisory revenue. In the second quarter of 2025, selected highlights included advising on capital structure and executing debt raises for ZF Friedrichshafen, NeXtWind, and iFIT Health and Fitness. The firm's objective is to increase this share to approximately 50 percent of Financial Advisory revenue.

• Revenue from private capital was 39 percent of total Financial Advisory revenue in 2024.
• The firm is targeting an increase in private capital revenue share to approximately 50 percent.
• In Q2 2025, Lazard advised on continuation funds for Accel-KKR, Hidden Harbor Capital Partners, and IDG Capital.

Finance: draft Q4 2025 cash flow projection by next Tuesday.

Lazard Ltd (LAZ) - Canvas Business Model: Customer Relationships

Lazard Ltd serves a global network of key decision makers in business, government, and investing institutions, built over more than 175 years. The firm provides advice and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals.

High-touch, long-term, and deeply trusted advisor relationships.

Client engagement is described as substantial and high across the firm. For example, the Financial Advisory segment advised on Keurig Dr. Pepper's $23 billion acquisition of JDE Peet's. The firm also hosted its first Financial Services Client Summit on November 13, 2025, bringing together heads of corporate development from leading financial services companies and senior private equity investors for targeted one-on-one strategic breakout meetings.

Dedicated Managing Director coverage for institutional and corporate clients.

Lazard Ltd is actively growing its advisory capacity to support client needs. As of the third quarter of 2025 results, the firm had hired 20 Managing Directors year-to-date to support long-term growth, aligning with the Lazard 2030 Strategic Plan. This structure ensures dedicated senior coverage for institutional and corporate clients on strategic matters like M&A and capital solutions.

Relationship management teams for institutional and private wealth investors.

The Asset Management division manages capital for a diverse set of clients, including corporations, labor unions, sovereign wealth funds, public pension funds, endowments, foundations, insurance companies, banks, family offices, and high net worth individuals. The scale of assets entrusted reflects the depth of these relationships.

Metric	Date/Period	Amount
Total Assets Under Management (AUM)	October 31, 2025	$267.8 billion
Total Assets Under Management (AUM)	September 30, 2025	$265 billion
Total Assets Under Management (AUM)	March 31, 2025	$227.4 billion
Average AUM (Asset Management)	Third Quarter 2025	$257 billion
Average AUM (Asset Management)	First Nine Months 2025	$242 billion

Client engagement remains robust across both business segments.

Client trust is demonstrated through capital deployment and revenue generation. For the first nine months of 2025, the Asset Management segment achieved positive net flows of $1.6 billion. This inflow contributed to the 17% year-to-date increase in total AUM as of September 30, 2025. The Financial Advisory business also delivered record adjusted net revenue of $1.3 billion for the first nine months of 2025.

• Financial Advisory adjusted net revenue for Q3 2025 was up 12% year-over-year.
• Asset Management reported positive net flows in the third quarter of 2025.
• The firm's mission is to provide sophisticated and differentiated advice and investment solutions, custom-tailored for clients.

Lazard Ltd (LAZ) - Canvas Business Model: Channels

You're looking at how Lazard Ltd (LAZ) gets its services-advice and asset management-into the hands of its clients. This is all about reach, from physical desks to digital access points.

The firm's physical presence is foundational, supporting its global advisory mandates. Lazard operates across 6 continents, specifically in 26 countries around the world, with principal executive offices in New York City, Paris, and London. The headquarters remains at 30 Rockefeller Plaza, New York, New York, 10112, US. As of October 2025, Lazard had approximately 5.1K employees across these locations.

Direct engagement is driven by the Financial Advisory Managing Directors. You saw that as of Q1 2025, the total number of Financial Advisory Managing Directors was 210, meeting hiring goals outlined in the Lazard 2030 Strategic Plan. By Q2 2025, this number was reported as 204 Managing Directors in Financial Advisory. The firm is actively growing this channel, anticipating a 10-15% increase in net Managing Director additions. For instance, in November 2025, Lazard announced adding Three New Managing Directors to its Global Industrials Practice.

For Lazard Asset Management, the distribution relies on its global platform reaching institutions, corporations, public funds, and high-net-worth individuals. The scale of assets managed is a key indicator of this channel's effectiveness. Technology integration, including AI implementation and digital transformation, is a strategic priority to enhance client service capabilities.

Here's a snapshot of the scale and recent performance metrics tied to these channels as of late 2025:

Channel Metric Category	Specific Data Point	Value as of Late 2025	Reporting Period/Date
Global Physical Footprint	Number of Countries with Operations	26	Pre-October 2025
Direct Engagement (FA)	Financial Advisory Managing Directors	204	Q2 2025
Asset Management Reach (AUM)	Total Assets Under Management (AUM)	$267.8 billion	October 31, 2025
Asset Management Reach (AUM)	Total Assets Under Management (AUM)	$265 billion	September 30, 2025
Asset Management Revenue	Adjusted Net Revenue (Nine Months)	$827 million	First Nine Months of 2025
Digital Product Channel	Active ETFs Launched in the U.S.	4	Q2 2025

The Asset Management business is actively expanding its product shelf, having launched four active ETFs in the United States as of Q2 2025, including the Equity Megatrends ETF (THMZ). Furthermore, the firm reported record gross inflows for the first half of 2025.

For digital platforms, Lazard is emphasizing technology integration, focusing on AI implementation and cybersecurity across its businesses to enhance operational performance and client service. While specific client portal usage statistics aren't public, the focus on digital transformation supports reporting and research delivery.

• Financial Advisory clients generating fees over $1 million reached 115 in Q1 2025.
• The firm completed 80 M&A transactions valued over $500 million each in FY24.
• The Asset Management division reported that 62% of its Q1 2025 AUM was in non-USD securities, showing global diversification in the assets being managed and distributed.

Lazard Ltd (LAZ) - Canvas Business Model: Customer Segments

You're mapping out Lazard Ltd (LAZ)'s client base as of late 2025. This firm serves a sophisticated, global clientele across its two main businesses: Financial Advisory and Asset Management.

Large corporations and public companies requiring M&A and capital solutions represent a core segment, driving the Financial Advisory revenue. For the first nine months of 2025, Financial Advisory reported net revenue of $1,292 million. This segment handles major corporate actions; for instance, Lazard advised on Keurig Dr. Pepper's $23 billion acquisition of JDE Peet's and Mallinckrodt Pharmaceuticals' $6.7 billion combination with Endo Pharmaceuticals during Q3 2025. The firm also supports capital structure and debt raises for entities like ZF Friedrichshafen.

Governments and sovereign entities needing strategic and restructuring advice are served by Lazard's sovereign advisory practice, which remains active across developed and emerging markets. This advice covers restructuring and liability management, alongside other strategic matters.

Institutional investors (pensions, endowments) for asset management form the foundation of the Asset Management business. Average Assets Under Management (AUM) for the third quarter of 2025 stood at $257 billion. The firm saw positive net flows year-to-date in 2025 of $1.6 billion. By October 31, 2025, preliminary total AUM reached approximately $267.8 billion.

Partnerships, family offices, and high net worth individuals (HNWIs) also receive investment solutions from Lazard Asset Management. The Asset Management segment generated net revenue of $327 million for the third quarter of 2025.

Here's a quick look at the scale of the Asset Management client base as of the end of October 2025:

Asset Class	AUM as of October 31, 2025 (in millions)
Equity	$212,643
Fixed Income	$46,145
Other	$8,992
Total AUM	$267,780

The firm's client engagement is substantial across both divisions; for the first nine months of 2025, total firmwide adjusted net revenue was $2,138 million.

Lazard's client service profile includes:

• Advising on mergers and acquisitions.
• Providing capital markets and capital solutions.
• Restructuring and liability management advice.
• Geopolitics and other strategic matters.
• Investment solutions to institutions.

The firm's Financial Advisory adjusted net revenue for Q3 2025 was $422 million. The Asset Management business reported adjusted net revenue of $294 million for the same period. Finance: draft 13-week cash view by Friday.

Lazard Ltd (LAZ) - Canvas Business Model: Cost Structure

You're looking at the expense side of Lazard Ltd (LAZ)'s business model, which is heavily weighted toward human capital, but with increasing strategic spend elsewhere. Here's the quick math on the cost structure as of early 2025, based on first-quarter figures.

Compensation and benefits expense is the largest cost component, as you'd expect for a professional services firm. For the first quarter of 2025, the adjusted compensation and benefits expense was $421 million. This resulted in an adjusted ratio to adjusted net revenue of 65.5% for Q1 2025. Lazard Ltd (LAZ) has an internal goal to deliver this adjusted compensation ratio at 60% or below, though the timing depends on market conditions.

Non-compensation expenses, which include items like rent and IT, represented the next significant portion. For the first quarter of 2025, adjusted non-compensation expenses totaled $148 million. This translated to an adjusted ratio of 23.0% of adjusted net revenue in Q1 2025. The firm's longer-term target for this ratio is between 16% to 20%.

The firm is making significant investment in technology, which falls within that non-compensation bucket. Lazard Ltd (LAZ) is actively focused on areas like generative AI, evidenced by its published research on AI infrastructure and its impact on Technology M&A, suggesting internal resource allocation to stay current. The strategic focus is shifting competitive advantage toward proprietary data and deep workflow integration, which requires ongoing technology spend.

Costs associated with global office expansion are also factored into the non-compensation expenses. Lazard Ltd (LAZ) announced its strategic expansion into the United Arab Emirates by establishing a main Financial Advisory office in Abu Dhabi in April 2025, subject to regulatory approval. This move complements existing presence in Riyadh as part of the firm's 2030 growth plan. Additionally, the firm launched three active ETFs in the U.S. during the first quarter of 2025, which involves product development and associated operational costs.

Here's a look at the key cost structure metrics for Q1 2025:

Cost Category	Q1 2025 Adjusted Amount (Millions USD)	Q1 2025 Adjusted Ratio to Net Revenue	Long-Term Target Ratio
Compensation and Benefits Expense	$421 million	65.5%	≤60%
Non-Compensation Expenses (Incl. Rent, IT)	$148 million	23.0%	16% to 20%

You can see the gap between the current adjusted non-compensation ratio of 23.0% and the target range of 16% to 20% highlights where management is focused on driving efficiency gains, even while investing in growth vectors like the Abu Dhabi office and AI capabilities.

• Compensation and benefits expense in Q1 2025: $421 million.
• Adjusted non-compensation expenses in Q1 2025: $148 million.
• Goal for adjusted compensation ratio: 60% or below.
• Goal for adjusted non-compensation ratio: 16% to 20%.
• New Financial Advisory hub established in Abu Dhabi in 2025.
• Launched three active ETFs in the U.S. in Q1 2025.

Finance: draft 13-week cash view by Friday.

Lazard Ltd (LAZ) - Canvas Business Model: Revenue Streams

You're looking at how Lazard Ltd brings in its money, which really boils down to two main pillars: advising on big deals and managing client assets. It's a dual-engine model, and the performance of each stream directly impacts the top line.

For the first nine months of 2025, the firm-wide adjusted net revenue hit $2,138 million. That's the total picture you need to keep in mind for the year so far.

The Financial Advisory side, which covers things like mergers and acquisitions (M&A), restructuring, and capital markets advice, is a major driver. For the first nine months of 2025, the adjusted net revenue from Financial Advisory fees was $1,283 million. This revenue is lumpy, depending on deal flow, but it shows strong engagement with major corporate and sovereign clients.

Asset Management fees are the recurring part of the revenue stream, based on the value of assets under management (AUM). These fees are split between management fees, which are more stable, and incentive fees, which are performance-based. You saw incentive fees total $9 million in the first quarter of 2025, which the firm noted was driven by strong fund performance in specific strategies.

To give you a clearer view of the recent numbers, here's a quick look at the revenue breakdown for the third quarter of 2025, alongside the nine-month total you asked about:

Metric ($ in millions)	Nine Months Ended Sept 30, 2025	Q3 2025
Firm-wide Adjusted Net Revenue	2,138	725
Financial Advisory Adjusted Net Revenue	1,283	422
Asset Management Net Revenue (U.S. GAAP)	N/A	327
Asset Management Adjusted Net Revenue	N/A	294

The Asset Management business relies heavily on AUM levels. As of the end of October 2025, Lazard Ltd reported preliminary assets under management totaled approximately $267.8 billion. That AUM figure is what dictates the base management fees you see flowing in every quarter. The firm is actively working to grow this base, as evidenced by record Asset Management inflows during the first nine months of 2025.

Here's how the Asset Management revenue components looked in Q1 2025, which gives you a sense of the fee structure:

• Management fees and other revenue (adjusted basis) in Q1 2025 were $256 million.
• Incentive fees on an adjusted basis in Q1 2025 totaled $9 million.
• The AUM as of March 31, 2025, was $227 billion, showing growth to the later figures.
• The preliminary AUM as of October 31, 2025, of $267.8 billion reflects market appreciation of $6.9 billion that month.

So, you have the large, variable fees from advisory work, and the steadier, AUM-dependent fees from asset management. That's the core of how Lazard Ltd generates its revenue right now. Finance: draft 13-week cash view by Friday.