Lazard Ltd. reported $88.2 billion in assets under management as of Dec. 31, up 1.9% from the end of the third quarter, according to a news release. Assets under management increased 2.1% for the year, largely driven by $7.4 billion in market appreciation. Those gains were offset by $4.2 billion in net outflows and $1.4 billion in foreign currency adjustments, according to the release.
Also, Baillie Gifford reported $73.6 billion in assets under management for 2005, up 30% from the previous year, according to a news release. The increase was attributed to market appreciation, as well as $5.4 billion in new global business. Roughly 60% of the firm's institutional assets belonged to U.K. institutions at the end of the year, while the remaining 40% of its institutional assets belonged to international investors.