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Lazard
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Updated Jul 28, 2026
Lazard Q2 2026: Asset Management AUM and fee surge offsets Financial Advisory M&A revenue decline; Campbell Lutyens acquisition signals private markets expansion.
Lazard's Asset Management segment is carrying the firm in H1 2026, with adjusted net revenue up 20% in Q2 and 24% in H1 driven by AUM growth to $285 billion — masking a 9% Q2 decline in Financial Advisory adjusted net revenue as M&A fees contracted sharply. The pending $460 million acquisition of Campbell Lutyens marks a deliberate strategic pivot into private capital advisory, fund placement, and secondary markets, expanding Lazard's revenue base beyond its traditional M&A advisory core. Margin compression is real: adjusted operating income as a percentage of adjusted net revenue fell from 14.1% to 8.3% in Q2 2026, driven by rising compensation ratios and deal-related transaction costs.
Tone: mixedRevenue
$3.2B
LAZ 10-K · FY 2025
Employees
3,309
Revenue FY2024
$3.1B
Founded
1848
Profile
LAZ 10-K Item 1 · Feb 23, 2026Lazard is a global independent financial advisory and asset management firm founded in 1848, operating across two principal segments: Financial Advisory and Asset Management. Its Financial Advisory business provides M&A, restructuring, sovereign, geopolitical and capital solutions advisory to corporations, governments and institutions worldwide. Its Asset Management business offers equity, fixed income, alternative and private equity strategies to institutional, intermediary and private wealth clients globally.
Read filing description ↓ Collapse description ↑
Founded in 1848, Lazard is a global financial advisory and asset management firm with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. We aim to deliver independent, differentiated advice and solutions grounded in contextual alpha—the broad insight and judgment needed to navigate macroeconomic, geopolitical, and other factors that we believe help leaders see beyond what the world sees today. Our mission is to provide trusted, independent financial advice and investment solutions to our clients, backed by the intellectual capital of our firm. During our more than 175-year history, we have built a global network of relationships with key decision makers in business, government and investing institutions. This network is both a competitive strength and a powerful resource for Lazard and our clients. As a firm that competes on the quality of our advice, we have two fundamental assets: our people and our reputation. We operate in cyclical businesses across multiple geographies, industries and asset classes. In recent years, we have deepened our sector expertise, enhanced our specialized insights in geopolitical advisory, and increased connectivity to private capital in our financial advisory business.
Primary products
- M&A advisory
- strategic capital solutions
- shareholder advisory
- sovereign advisory
- geopolitical advisory
- restructuring and liability management
Business segments
End markets
Geographies
“In Financial Advisory, while we believe our independent perspective and global footprint offer a uniquely competitive position, many of our competitors are large, consolidated financial institutions that have the ability to offer a wider range of products, including loans, insurance, foreign exchange, hedging, research, brokerage and underwriting services, which may enhance their competitive position.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total net revenue grew modestly from $3.05 billion in 2024 to $3.10 billion in 2025, driven primarily by Financial Advisory segment growth partially offset by the normalization of Corporate segment revenue.
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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.