Lazard Asset Management reported client assets of $123.5 billion as of June 30, down 9% from the prior quarter but up 26% from the year before.
For the quarter, Lazard had net inflows of $2.1 billion, down from $3 billion for the prior quarter but up sharply from $353 million for the year-earlier quarter.
The firm’s latest inflows were more than offset by market-related declines of $13.6 billion. For the prior quarter and the year-earlier quarter, the firm enjoyed market-related gains of $2.5 billion and $16.6 billion, respectively.
Asset management-related revenue came to $187.2 million for the quarter ended June 30, up 1.9% from the prior quarter and up 42% from the year before.
While financial advisory business continues to account for more than half of parent Lazard’s overall revenue, asset management’s contribution has continued to rise — 43% of the total revenue for the latest quarter, up from 40% for the previous quarter and 33% for the year-earlier quarter.