Q2 2024 Lazard Inc Earnings Call Transcript
Key Points
- Lazard Inc (LAZ) reported a 25% increase in total firm-wide adjusted net revenue for the first half of 2024, reaching $1.4 billion.
- Financial advisory adjusted net revenue set a record at $855 million for the first half of the year, up 38% from the prior year.
- The asset management business delivered solid results with adjusted net revenue of $541 million for the first half of the year.
- Lazard Inc (LAZ) achieved record revenue in the United States and was ranked number one globally for restructuring completions in the quarter.
- The company has been successful in attracting senior professionals, hiring nine managing directors in financial advisory so far this year.
- Asset management adjusted net revenue for the second quarter was $265 million, down 1% compared to the same quarter last year.
- The company reported net outflows of $6.6 billion in asset management during the second quarter.
- Adjusted compensation expense for the second quarter was $452 million, resulting in a high compensation ratio of 66%.
- Adjusted non-compensation expense for the second quarter was $149 million, up 3% compared to the prior year.
- The asset management business continues to face challenges with flow trends and remixing dynamics weighing on the fee rate.
Good morning and welcome to Lazard's second-quarter 2024 earnings conference call. This call is being recorded. (Operator Instructions) At this time, I will turn the call over to Alexandra Deignan, Lazard's Head of Investor Relations, Treasury and Corporate Sustainability. Please go ahead.
Thank you, Ashley. Good morning and welcome to Lazard's earnings call for the second quarter and first half of 2024. I'm Alexandra Deignan, Head of Investor Relations, Treasury and Corporate Sustainability. In addition to today's audio comments, we have posted our earnings release on our website. A replay of this call will also be available on our website later today.
Before we begin, let me remind you that we may make forward-looking statements about our business and performance. There are important factors that could cause our actual results, level of activity, performance, achievements or other events to differ materially from those expressed or implied by the forward-looking statements, including but not to those factors
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