Lazard has posted attributable net income of $100.9m for the first quarter of 2026, up 67% from $60.3m a year earlier.
Net revenue for the quarter increased 17% year-on-year to $756.5m.
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In asset management unit, net revenue came to $410m and adjusted net revenue totalled $309m, up 42% and 17% respectively from a year earlier.
Average assets under management in the first quarter were $266bn, which was 15% above the level recorded in the first quarter of 2025 and 2% higher than in the fourth quarter of 2025.
As of 31 March 2026, the company’s assets under management were $259bn, up 14% from last year and 2% from previous quarter.
Compared with the end of December 2025, the movement reflected net inflows of $9bn, market gains of $0.4bn, foreign exchange depreciation of $3bn, and divestitures of $1.5bn.
In Financial Advisory business, net revenue was $360m and adjusted net revenue was $356m, down 2% and 4% respectively from the first quarter of 2025.
During the quarter, Lazard returned $174m to shareholders, mainly made up of $47m in dividends and $125m tied to employee tax obligations instead of share issuances linked to the vesting of equity grants.
Lazard CEO and chairman Peter Orszag said: “Asset Management delivered strong results, reflecting early progress in positioning the business to meet client demand. While M&A revenue was affected by the timing of transactions, our outlook is optimistic, and the 28 new Managing Directors added to our Financial Advisory platform over the past year position us well for the future.
“Across the firm, engagement is strong as clients seek the independent, differentiated advice and investment solutions grounded in contextual alpha that Lazard uniquely provides.”
Recently, Lazard signed a definitive agreement to buy private market global advisory firm Campbell Lutyens for $575m. The deal is due to complete in the second half of 2026, subject to regulatory approvals and other customary closing conditions.
The acquisition will lead to the creation of a new private capital advisory division called Lazard CL, which will become Lazard’s third global business.
Commenting on the deal, Orszag further added: “The acquisition of Campbell Lutyens is a meaningful step in Lazard’s long-term strategy to build a more productive, resilient, and growth-oriented firm.”
