Lazard Asset Management LLC (New York)

Lazard Asset Management LLC is a large advisory firm based in New York. It manages $140.23 billion of regulatory assets for 8,208 client accounts. It has been registered with the SEC as an adviser since 2003 and has operated in the jurisdictions of Alabama, Alaska, Arizona, and 48 other states.

Lazard Asset Management provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled investment vehicles, and portfolio management for businesses and institutional clients. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Lazard Asset Management: assets under management

The assets under management (AUM) of Lazard Asset Management LLC is $140.23 billion. The firm's AUM has grown by 113% since the beginning of its operation, and $37.17 billion of the total AUM is attributable to clients outside of the United States.

The firm manages $139.87 billion in discretionary accounts and $362.89 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $17.06 million each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $40.32 million.

Lazard Asset Management has custody of $2.69 billion in cash and securities for 509 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 83% of the total AUM. The second-largest asset type is sovereign bonds, which make up 9% of the firm’s portfolio. Investments in cash and cash equivalents form 3% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Lazard Asset Management LLC for their services and products based on a percentage of assets under management, fixed fees, and performance-based fees. The adviser charges an additional fee when a set benchmark is outperformed. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Kenneth Marc Jacobs serves?

The firm provides services to individuals, insurance companies, investment companies, charitable organizations, other investment advisers, high net worth individuals, pooled investment vehicles, banking or thrift institutions, corporations or other businesses, pension and profit sharing plans, and state or municipal government entities. The largest group of clients of Kenneth Marc Jacobs is banking or thrift institutions with 208 clients and $30.26 billion of assets under management. Among the 11 most similar advisory firms, Lazard Asset Management has the highest percentage of banking or thrift institutions out of all clients.

The amount of regulatory assets under management is $140.23 billion for 8,208 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. 1% of the firm’s clients are foreign persons or businesses.

Lazard Asset Management also advises several private funds. Namely, twenty three hedge funds and twenty eight other private funds. The minimum investment commitment required of non-related persons ranges from $0 to $5,000,000.

Careers at Lazard Asset Management LLC

The company employs 498 people that are either part- or full-time employees. 54 percent of the employees work as investment advisers or researchers. 9 employees are registered as investment adviser representatives with the state securities authorities.

There are 7 people with the role of looking for and bringing in new clients on behalf of the firm. The firm compensates employees in addition to the salary for bringing in new clients. Employees receive compensation from other entities for client referrals.

Kenneth Marc Jacobs has been acting as President since 1 Jun 2010. William Bruce Rosenberg joined the executive team most recently as the Global Head Of Operations & Finance.

Direct owners and executive officers

Indirect Owners

The SEC currently registers 48 indirect owners.

Based in New York

The principal office where Lazard Asset Management LLC performs its advisory services is located at 30 Rockefeller Plaza, New York, NY 10112, which is also the mailing address of the firm. An additional office of the firm is in San Francisco, CA. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 212-632-6000 or by fax 212-332-1703. The normal business hours are 9:00am - 5:00pm on Monday - Friday. You can find more information about the New York firm at lazard.com.

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