Lazard (LAZ) UBS Financial Services Conference 2026 summary

Leadership vision and strategic priorities

• New CEO brings three decades of global investment experience and aims to drive Lazard's asset management forward with a focus on delivering, growing, and capitalizing on profitable growth.

• Key priorities include improving investment performance, scaling successful products, and enhancing operating margins through cost discipline and product rationalization.

• Appointment of a new CIO and COO to strengthen investment oversight and operational efficiency.

• Emphasis on leveraging the breadth of the platform and fostering collaboration across investment teams.

• AI and technology investments are targeted to improve research, client experience, and operational efficiency.

Growth initiatives and market opportunities

• Achieved $8.5 billion in net inflows in 2025 (excluding a large client exit) and nearly $3 billion in January 2026, with positive flows across the US, Europe, and Asia.

• Focused on scaling core strategies such as systematic equities, global listed infrastructure, and emerging markets, while exploring new areas in public and private markets and wealth management.

• Active ETF business grew from zero to $1 billion AUM across seven products, with plans to expand in the US and Europe.

• White space opportunities identified in public markets, private assets, and wealth, with a selective approach to M&A and partnerships.

• Intermediary and wealth channels are key growth vectors, supported by investments in field teams and thought leadership, including geopolitical advisory.

Margin improvement and operational efficiency

• Margins are below industry average, with a focus on growing high-margin products and rationalizing underperforming, sub-$100 million strategies.

• Ongoing review of the product portfolio and cost structure, with new leadership driving process improvements and cost controls.

• Global operating model under review to optimize centralization versus localization and unlock efficiencies.

• AI expected to automate research, client communications, and back-office tasks, freeing up resources for higher-value activities.

• Incremental investments prioritized for front-line distribution and intermediary support to drive sales growth.