Lazard Asset Management reported $83 billion in assets under management as of June 30, a 4% decrease over the first quarter and a 6.5% increase over a year earlier. The firm attributed the second-quarter decrease to $2.9 billion in net asset outflows, plus "currency translation adjustments" of $700 million. The outflows were principally within Lazard's international core and global diversified equity strategies, said Steven Golub, vice chairman, in a conference call today. A significant portion of the outflows was the result of one client's shift in overall investment strategy, which prompted the client to replace all of its money managers, said Mr. Golub. Richard Silverman, spokesman, would not identify the client or provide further details.
Overall, Lazard Asset Management's net revenues were $108.8 million for the second quarter, a 5% increase over the second quarter 2004. The boost was driven by a rise in management and "other" fees (excluding incentive fees), which jumped to $105.7 million in the second quarter, a 12% increase over the second quarter 2004.
