Lazard, Inc. reported a significant financial turnaround for the fiscal year ending December 31, 2024, with net income attributable to the company reaching $280 million, compared to a net loss of $75 million in the previous year. This improvement was driven by a 21% increase in net revenue, which rose to $3.05 billion from $2.52 billion in 2023. The company's Financial Advisory segment saw a notable 26% increase in fee revenue, amounting to $1.75 billion, while Asset Management fees, including incentive fees, increased by 3% to $1.12 billion.
The conversion from Lazard Ltd, a Bermuda-based exempted company, to Lazard, Inc., a U.S. C-Corporation, was completed on January 1, 2024. This strategic shift is expected to enhance operational efficiency and align the company more closely with U.S. regulatory frameworks. The company also reported a 12% increase in adjusted operating income, which reached $411 million, reflecting a strong recovery from the previous year's operating loss of $80 million.
Operationally, Lazard's Financial Advisory segment benefited from a rise in completed mergers and acquisitions (M&A) transactions, particularly those valued over $500 million, which increased by 27% year-over-year. The company served 344 clients that generated $1 million or more in fees, with no single client contributing more than 10% of the segment's net revenue. In the Asset Management segment, total assets under management (AUM) decreased by 8% to $226 billion, primarily due to net outflows and foreign exchange depreciation, although average AUM increased by 4% compared to 2023.
Lazard's workforce as of December 31, 2024, comprised 3,263 employees, including 194 managing directors in Financial Advisory and 124 in Asset Management. The company continues to focus on enhancing its talent pool and has implemented cost-saving initiatives that contributed to a reduction in non-compensation expenses. Looking ahead, Lazard anticipates continued growth in both its Financial Advisory and Asset Management segments, driven by favorable market conditions and strategic investments in technology and talent acquisition. The company remains optimistic about its ability to navigate the competitive landscape and capitalize on emerging opportunities in the financial services sector.
About Lazard, Inc.
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