Lazard (NYSE:LAZ) reported that its preliminary assets under management (AUM) reached approximately $254.3 billion as of December 31, 2025.
The end-of-year figure reflects a resilient recovery in the second half of the year, following a significant structural shift in its sub-advised portfolio earlier in the quarter.
The month of December saw an AUM increase driven primarily by $2.2 billion in market appreciation and a $1.5 billion boost from foreign exchange (FX) appreciation.
These gains were slightly offset by net outflows of $0.3 billion.
On a segment basis, equity assets stood at $199.3 billion, fixed income at $45.6 billion, and other investment strategies at $9.4 billion.
The year-end total of $254.3 billion marks a solid rebound from November's $250.8 billion, a month that was significantly impacted by the anticipated withdrawal of $16.8 billion from a single large U.S. sub-advised relationship.
Despite that institutional headwind, Lazard’s average AUM for the fourth quarter remained healthy at $261.1 billion.
The asset manager enters 2026 with a strengthened leadership team, following the recent appointment of Chris Hogbin as CEO of Asset Management and Eric Van Nostrand as Chief Investment Officer.
Management has signaled a constructive outlook for the coming year, citing increased client engagement and a stabilizing macroeconomic environment for its diversified investment platforms.