Lazard Managing $250B in Assets After One Client Pulls $16.8B

Lazard, Inc. (NYSE:LAZ) reported today that its preliminary assets under management ("AUM") as of November 30, 2025 totaled approximately $250.8 billion. The month's AUM included net outflows of $18.0 billion, market appreciation of $1.1 billion, and FX depreciation of $0.1 billion. November outflows included $16.8 billion from the closure of one U.S. sub-advised relationship, which was expected in 2026 or later and reflects changing dynamics within the client's multi-manager portfolio. Excluding the large U.S. sub-advised account, net inflows were $8.7 billion year to date.