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LAZ · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Lazard, Inc. (LAZ) stock moving?
LAZ closed at $41.05 on Nov 10, up 3.8% on 1.72M shares, a 30-day closing high above Nov 4's $40.66 and close to the Nov 5 intraday high of $41.45. The stock is up from $36.81 on Oct 22, but the rally has been choppy: it fell to $38.53 on Nov 5 and traded between $38.31 and $39.54 on Nov 6 and Nov 9. Operating news is mostly constructive: the Campbell Lutyens acquisition closed Nov 1 and added Lazard CL for private capital advisory, and Lazard is advising on several live transactions (DTE Vantage sale, ARRAY special committee, Xerox debt exchange, Bodycote, Wyyerd). Offsetting this, October AUM of about $282.4B slipped from $284.0B the prior month, and the Nov 6 prospectus supplement registers up to 9.4M shares for resale by the Campbell Lutyens sellers. That is roughly seven days of recent average volume, a possible source of selling pressure. The Nov 9 launch of three fixed income ETFs is a small near-term factor. The filings reviewed do not include Q3 earnings figures, so this view rests on deal flow, AUM and share-supply news.
News behind the analysis
- Lazard Reports October 2026 Assets Under ManagementLazard reported preliminary assets under management of about $282.4 billion as of October 31, 2026.
- Lazard Reports AUM At End Of October Of $282.351B, Down From $284.029B MoMBenzinga reports month-end AUM of $282.351B, down from $284.029B the prior month.
- Lazard Asset Management Launches Three Actively Managed Fixed Income ETFsLazard Asset Management expanded its US ETF platform with three new actively managed fixed income strategies.
- Lazard Files Prospectus Supplement for Resale of Up to 9.4 Million SharesLazard filed a prospectus supplement covering the possible resale of up to 9,416,817 shares issued to sellers in the Campbell Lutyens acquisition.
- Lazard Acts as Financial Advisor to DTE Energy in Asset SaleLazard is the exclusive financial advisor to DTE Energy on the sale of its DTE Vantage business.
- Lazard Serves as Financial Advisor to ARRAY's Special CommitteeLazard is acting as financial advisor to the Special Committee of ARRAY in a transaction with Shoals Technologies.
- Lazard Completes Acquisition of Campbell Lutyens and Launches Lazard CLLazard finalized its acquisition of Campbell Lutyens and introduced Lazard CL, a division focused on private capital advisory.
- Lazard & Co., Limited Acts as Financial Adviser in Bodycote AcquisitionLazard & Co., Limited is the exclusive financial adviser to BidCo and Veritas on the acquisition of Bodycote.
- Lazard Serves as Financial Advisor to Xerox in Debt Exchange TransactionLazard is financial advisor to Xerox Holdings on an exchange of a portion of its 2028 debt maturities for new notes and common stock.
About Lazard, Inc.
Lazard is a New York–based independent investment bank and asset manager that advises companies and governments on mergers, restructurings and capital raising, and runs about $285 billion in client assets (approximate, 2026). Unlike big Wall Street banks, it doesn't lend money or trade securities. It sells advice and investment management, has a strong global restructuring practice, and is following a 'Lazard 2030' growth plan under CEO Peter Orszag, which includes the planned purchase of private-capital advisor Campbell Lutyens.
How it makes money
The Financial Advisory segment earns fees for advising on M&A, restructurings, capital markets and sovereign deals. It usually brings in a little over half of net revenue, roughly $450 million in Q2 2026. The Asset Management segment earns management fees based on assets under management, about $320 million a quarter in 2026, plus a small amount of performance-based incentive fees. Total adjusted net revenue runs at roughly $800 million per quarter. Employee pay is the largest cost, at about 70% of adjusted revenue.
What usually moves LAZ
- Global M&A and restructuring deal activity
- Assets under management levels and net client flows
- Equity market performance affecting fees
- Compensation ratio and banker hiring costs
- Interest rates and credit conditions