Our Asset Management business provides investment management and advisory services to institutional clients, financial intermediaries, private clients, and investment vehicles around the world. Our goal in our Asset Management business is to produce superior risk-adjusted investment returns and provide investment solutions customized for our clients. As of September 30, 2009, total assets under management were $120 billion, managed on behalf of institutional (corporations, labor unions, public pension funds, insurance companies and banks; and through sub-advisory relationships, mutual fund sponsors, broker-dealers and registered advisors) and individual clients (principally family offices and high-net worth individuals).

Many of our equity investment strategies share an investment philosophy that centers on fundamental security selection with a focus on the trade-off between a company’s valuation and its financial productivity. As of September 30, 2009, total assets under management (“AUM”) were $120 billion, of which approximately 81% was invested in equities, 15% in fixed income, 3% in alternative investments and 1% in private equity funds. As of the same date, approximately 38% of our AUM was invested in international ( i.e. , non-U.S. and regional non-U.S.) investment strategies, 45% was invested in global investment strategies and 17% was invested in U.S. investment strategies, and our top ten clients accounted for 23% of our total AUM. Approximately 88% of our AUM as of that date was managed on behalf of institutional clients, including corporations, labor unions, public pension funds, insurance companies and banks, and through sub-advisory relationships, mutual fund sponsors, broker-dealers and registered advisors, and approximately 12% of our AUM as of September 30, 2009 was managed on behalf of individual client relationships, which are principally with family offices and high-net worth individuals.

We operate our Asset Management business through two principal subsidiaries:

• Lazard Asset Management (LAM), in New York, Bahrain, Boston, Chicago, Frankfurt,  Hamburg, Hong Kong, London, Milan, Montreal, San Francisco, Seoul, Sydney, Tokyo and Toronto (aggregating $108 billion in total assets under management as of September 30, 2009). If you would like to find out more about LAM, click here.



• Lazard Frères Gestion, in Paris (aggregating $12 billion in total assets under management of September 30, 2009). If you would like to find out more, click here.

 

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