Lazard Ltd. (LAZ:US), the independent merger adviser that earns about half of its revenue from asset management, agreed to boost disclosures about that business after a request from regulators.
Lazard said it will include tables showing inflows and outflows, as well as changes in market value for specific asset classes, including equities and fixed income, in future filings, according to correspondence (LAZ:US) between the Hamilton, Bermuda-based company and the Securities and Exchange Commission released today.
Lazard’s revenue from the business climbed 13 percent to $248 million in the third quarter from a year earlier as assets under management surged to a record $176 billion at Sept. 30, according to an Oct. 24 statement. Lazard’s proposed table shows the results were aided by a $9.06 billion appreciation in the market value of managed equities.
Judi Mackey, a spokeswoman for Lazard, declined to comment on the filings.
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