Lazard asset management revenue surges 42% as firm expands with Campbell Lutyens deal

Lazard (NYSE:LAZ) delivered a strong performance for the first quarter of 2026, driven by significant momentum in its Asset Management division.

The firm reported total net revenue of $757 million, a 17% increase over the prior-year period.

GAAP net income reached $101 million, or $0.91 per diluted share, while adjusted net income stood at $47 million, or $0.42 per diluted share.

The Asset Management segment was the standout performer of the quarter, with net revenue surging 42% to $410 million.

This growth was supported by ending Assets Under Management (AUM) of $259 billion, a 14% increase compared to the first quarter of 2025.

The rise in AUM reflects both favorable market appreciation and steady net inflows into the firm’s global equity and emerging markets platforms.

In contrast, Financial Advisory net revenue saw a slight decline of 2%, totaling $360 million.

While the deal-making environment remained complex, management noted a strengthening pipeline for restructuring and strategic advisory services.

To further diversify its advisory reach, Lazard recently announced an agreement to acquire Campbell Lutyens, a leading independent primary fundraising and secondary advisory firm.

The combined entity is projected to generate approximately $500 million in annual revenue by 2027, significantly enhancing Lazard's presence in the private markets.

Meanwhile, Lazard’s commitment to shareholder returns remained a priority, with $174 million returned during the quarter through dividends and share repurchases.

The company also declared a regular quarterly dividend of $0.50 per share.