Lazard, Inc. LAZ reported preliminary assets under management (AUM) of $290.3 billion as of Aug. 31, 2026, reflecting a 1.2% increase from July 31, 2026. The increase was primarily driven by $3.7 billion in market appreciation and $1.5 billion in foreign exchange appreciation, partly offset by $1.8 billion in net outflows.
The latest increase extends LAZ’s AUM growth momentum, with the metric recording a 2.8% compound annual growth rate (CAGR) during 2016-2025. Growth continued in the first half of 2026, with AUM reaching $285 billion as of June 30, 2026, up 10% sequentially and 15% year over year. While market appreciation primarily drove AUM growth, strong client demand provided an additional tailwind, as the company generated $7.4 billion of net inflows in the first half of 2026, its strongest first-half inflow performance in nearly 20 years.
The AUM growth was broad-based across several asset classes in August 2026. Its equity assets rose 1% sequentially to $218.4 billion, while fixed-income assets increased 1.8% to $35.6 billion and multi-asset assets climbed 2.8% to $25.3 billion. Meanwhile, alternative assets declined marginally to $11 billion.
Beyond market-driven gains, demand for differentiated investment strategies is supporting Lazard’s AUM growth. Its quantitative equity platform, Lazard Advantage, has been a key contributor, with AUM more than doubling in the past year to $50 billion as of June 30, 2026, driven by strong investment performance and client demand. The company is also seeing demand across emerging markets, Japanese and international equities, listed infrastructure, fixed income and private markets.
To broaden its distribution reach, LAZ is also expanding its active exchange-traded fund (ETF) platform. Its U.S. ETF AUM surpassed $1 billion in February 2026 and doubled to $2 billion by July 2026. The company also filed registration statements for three additional active ETFs in the second quarter, including its first fixed-income ETF, further broadening its product lineup and growth opportunities.
Strategic investments are providing another avenue for AUM expansion. On June 30, 2026, the company acquired an additional stake in Elaia Partners, raising its interest to 51% and obtaining a controlling interest. The transaction added approximately $1 billion to Lazard’s AUM, strengthening its alternative investment capabilities and further diversifying its asset mix across public and private strategies.
However, concerns surrounding the private credit market could weigh on near-term AUM growth. Still, strong client flows, demand for quantitative strategies, active ETFs and alternative offerings, along with market-driven gains, are likely to support AUM momentum in the coming quarters.
