Lazard Asset Management Llc
SEC-registered
Investment Adviser · Mega ($100B+)
CRD 122836
· SEC file 801-61701
· New York, NY
· WWW.LAZARDASSETMANAGEMENT.COM
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ADV data as of Mar 30, 2026
- Regulatory AUM
- $121B
- Discretionary
- $116B
- Clients
- 5,110
- Avg AUM / client
- $23.6M
- Accounts
- 5,110
- Employees
- 532
AUM over time
$107B
$177B
Dec 2011
Dec 2025
Annual snapshots from Form ADV filings · as of Mar 30, 2026
Asset allocation (SMA assets by investment type)
as of Mar 30, 2026
Exchange-traded equities
$97.6B
81%
US government & agency bonds
$4.8B
4%
Investment-grade corporate bonds
$4.8B
4%
Cash & equivalents
$3.6B
3%
Sovereign bonds
$2.4B
2%
Non-investment-grade bonds
$2.4B
2%
Pooled investment vehicles
$2.4B
2%
State & local bonds
$1.2B
1%
Registered investment companies (funds/ETFs)
$1.2B
1%
Share of SMA assets by investment vehicle type, as filed in Form ADV Item 5.K. Dollar figures are percentages applied to total regulatory AUM.
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Individuals (non-high net worth) | 3,592 | $1.1B | 0.91% |
| High net worth individuals | 595 | $6.0B | 4.99% |
| Banking or thrift institutions | 216 | $25.2B | 20.9% |
| Investment companies | 30 | $23.5B | 19.5% |
| Pooled investment vehicles (non-investment companies) | 81 | $13.1B | 10.8% |
| Pension and profit sharing plans | 29 | $3.2B | 2.62% |
| Charitable organizations | 141 | $2.0B | 1.64% |
| State or municipal government entities | 54 | $21.5B | 17.8% |
| Other investment advisers | 25 | $14.6B | 12.1% |
| Insurance companies | 8 | $1.1B | 0.93% |
| Sovereign wealth funds and foreign official institutions | 0 | $0 | — |
| Corporations and other businesses | 339 | $9.3B | 7.69% |
| Other | 0 | $0 | — |
Private funds (62)
View all →Reported in Form ADV Section 7.B.(1), filing of Jul 2024 · $5.3B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Lazard International Strategic Equity (Acw Ex Us) Trust | Other Private Fund | New Hampshire | $1.2B | 19 |
| Lazard Global Listed Infrastructure Trust | Other Private Fund | Delaware | $485M | 30 |
| Lazard Converts Absolute Return, L.P. | Hedge Fund | Delaware | $370M | 2 |
| Emerging Markets Equity Group Trust | Other Private Fund | New York | $355M | 7 |
| The Emerging World Investors Limited Partnership | Other Private Fund | Delaware | $340M | 16 |
| Lazard Rathmore Plus Master Fund, L.P. master | Hedge Fund | Cayman Islands | $334M | 3 |
| Lazard Emerging Markets Small Cap Equity Trust | Other Private Fund | New Hampshire | $226M | 12 |
| Lazard Rathmore Converts, Lp | Hedge Fund | Delaware | $204M | 6 |
| Lazard Fixed Income Funds Llc | Other Private Fund | Delaware | $199M | 14 |
| Lazard Private Market Opportunities Lp | Other Private Fund | Delaware | $180M | 50 |
| Lazard International Equity Strategies Lp | Other Private Fund | Delaware | $173M | 52 |
| Lazard Hedge Strategies Offshore Lp | Other Private Fund | Cayman Islands | $158M | 9 |
| Lazard Long/Short Equity Strategies Lp | Other Private Fund | Delaware | $137M | 53 |
| Lazard Rathmore Plus Fund, Ltd. feeder | Hedge Fund | Cayman Islands | $133M | 3 |
| Lazard Us Equity Strategies Lp | Other Private Fund | Delaware | $116M | 32 |
Nonprofit clients
Charities that reported this firm as a top-paid contractor (investment services) on Form 990.
| Charity | Location | Period |
|---|---|---|
| Iron Workers Locals 40 & 361 Topping Out Fund EIN 133156507 | New York, NY | 12/31/2024 |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C.
| Plan | Location | Plan year |
|---|---|---|
| Michigan Laborers' Pension Plan Board Of Trustees Michigan Laborers' Pension Fund | 2024 | |
| Ohio Operating Engineers Pension Plan Ohio Operating Engineers Pension Plan | 2024 | |
| General Building Laborers' Local 66 Annuity Fund Board Of Trustees General Building Lab Local 66 Annuity Fund | 2024 | |
| General Building Laborers' Local 66 Pension Fund Board Of Trustees General Building Local 66 Pension Fund | 2024 | |
| Ironworkers National Pension Plan Ironworkers National Pension Plan Board Of Trustees | 2024 | |
| United Food & Commercial Workers Intl Union Industry Pension Fund Trustees Of Ufcw Int'l Union Industry Pension Fund | 2024 | |
| New York District Council Of Carpenters Pension Pl Board Of Trustees Of Nycdcc Pension Fund | 2024 | |
| Michiana Area Electrical Workers Pension Fund Board Of Trustees Michiana Area Electrical Workers Pension Fund | 2024 | |
| Retirement And Pension Plan For Officers & Employees Of The Nycdcc And Related Organizations Bd Trustees Ret And Pension Plan For Officers And | 2024 | |
| D & H Employee Stock Ownership Plan D & H Corporate Group Inc. | 2024 | |
| Carpenters' Pension Trust Fund Detroit And Vicinity Board Of Trustees Of Carpenters' Pension Trust Funddetroit&Vicinity | 2024 | |
| Sheet Metal Workers Local No. 292 Pension Fund Board Of Trustees, Sheet Metal Workers Local No. 292 Pension Fund | 2024 | |
| Hawaii Sheet Metal Workers Pension Fund Hawaii Sheet Metal Workers Pension Fund | 2024 | |
| International Brotherhood Of Teamsters Union Local 710 Pension Fund Trustees Of I.B. Of T. Union Local 710 Pension Fund | 2024 | |
| Hess Corporation Employees' Pension Plan Hess Corporation | 2024 | |
| I.U.O.E. Annuity Fund Local 137,137 A,137 B,137 C, And 137 R Board Of Trustees I.U.O.E. Annuity Local 137 137 A 137 B 137 C 137 R | 2024 | |
| Pension Plan Of The Iuoe Local 137 137 A 137 B 137 C 137 R, Afl Cio Bd Of Trustees Pension Plan Of The Iuoe 137 137 A 137 B 137 C 137 R Aflcio | 2024 | |
| Screen Actors Guild Producers Pension Plan Board Of Trustees Screen Actors Guild Producers | 2024 | |
| Electrician's Retirement Fund The Building Industry Electrical Contractors Association, Inc. | Holtsville, NY | 2024 |
| Citi Retirement Savings Plan For Puerto Rico Citibank, N.A. Puerto Rico, A Subsidiary Of Citigroup Inc. | 2024 | |
| Citi Retirement Savings Plan Citigroup Inc. | 2024 | |
| The Citigroup Pension Plan Citigroup Inc. | 2024 | |
| Xpo Pension Plan Xpo Cnw, Inc. | Portland, OR | 2024 |
| Building Trades Pension Plan Of Western Pennsylvania Board Of Trustees Building Trades Pension Plan Of Western Pennsylvan. | 2024 | |
| Joint Pension Fund Of Local Union No 102 Joint Pension Fund Of Local Union No 102 Ibew Board Of Trustees | 2024 | |
| Mayo Pension Plan Mayo Clinic | 2024 | |
| Kaleida Health Pension Growth Plan Kaleida Health Corporate Benefits | 2024 | |
| Norton Rose Fulbright Us Llp Pension Plan Norton Rose Fulbright Us Llp | Houston, TX | 2024 |
| Wells Fargo & Company 401(k) Plan Wells Fargo & Company | 2024 | |
| Mason Tenders District Council Annuity Fund Board Of Trustees Mason Tenders District Council Annuity Fund | 2024 | |
| Transit Management Of Southeast Louisiana, Inc. Retirement Income Plan Transit Management Of Southeast Louisiana, Inc. | New Orleans, LA | 2024 |
| Local 580 Pension Fund Board Of Trustees Local 580 Pension Fund | 2024 | |
| National Electrical Benefit Fund Trustees Of The National Electrical Benefit Fund | 2024 | |
| Connecticut Laborers' Pension Plan Connecticut Laborers' Pension Fund Board Of Trustees | West Haven, CT | 2024 |
| National Electrical Annuity Plan Trustees Of The National Electrical Annuity Plan | 2024 | |
| Ufcw Union & Partcipating Food Industry Employers Tri State Pension Fund Ufcw Union & Participating Food Industry Employers Tri State Pension F | 2024 | |
| Mason Tenders' District Council Pension Fund Board Of Trustees Mason Tenders District Council Pension Fund | 2024 | |
| Phillips 66 Retirement Plan Phillips 66 Company | 2024 | |
| Iron Workers Local 401 Annuity Fund Board Of Trustees Iron Workers Local 401 Annuity Fund | 2024 | |
| Rocky Mountain Ufcw Unions And Employers Retail And Meat Pension Plan Trustees Of The Rocky Mountain Ufcw Pension Plan C/O Zenith American S | 2024 | |
| The Southern Company Pension Plan Southern Company Services, Inc. | 2024 | |
| Utah Pipe Trades Pension Trust Fund Board Of Trustees, Utah Pipe Trades Pension | 2024 | |
| Ibew Local 269 Pension Plan Ibew Local 269 Pension Fund | 2024 | |
| International Association Of Machinists And Aerospace Workers Pension Plan International Association Of Machinists And Aerospace Workers | 2024 | |
| Cwa/Itu Negotiated Pension Plan Board Of Trustees Cwa/Itu Negotiated Pension Plan | 2024 | |
| Mary Kay Inc. Profit Sharing And 401(k) Plan Mary Kay Inc. | 2024 | |
| Laundry, Dry Cleaning Workers & Allied Industries Retirement Fund, Workers United Trustees Of The Laundry,Dry Cleaning Wo Rkers And Allied Industries Re | 2024 | |
| Legacy Us Foods Consolidated Defined Benefit Retirement Plan Us Foods, Inc. | 2024 | |
| Atlanta Plumbers & Steamfitters Pension Fund Atlanta Plumbers & Steamfitters Pension Fund | 2024 | |
| Massachusetts Laborers' Pension Fund Board Of Trustees Of Massachusetts Laborers' Pension Fund | 2024 | |
| Massachusetts Laborers' Annuity Fund Bd. Of Trustees Of Mass. Laborers Annuity Fund | 2024 | |
| Laborers Local 235 Pension Fund Board Of Trustees Laborers Local 235 Pension Fund | 2024 |
People (42)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Jacobs, Kenneth, Marc | Director | Jun 2010 (16y) | Less than 5% | |
| Anderson, Mark, Richard | General Counsel | Apr 2017 (9y) | Less than 5% | |
| Massaroni, Robert, Malcolm | Chief Financial Officer | Jan 2022 (5y) | Less than 5% | |
| Cohen, Lawrence, Hunter | Global Head Of Technology & Operations | Feb 2022 (5y) | Less than 5% | |
| Hilal, Nargis, Ahmad | Chief Compliance Officer | Apr 2022 (4y) | Less than 5% | |
| Betsch, Mary Ann | Director | Jun 2022 (4y) | Less than 5% | |
| Russo, Evan, Lawrence | Chief Executive Officer, Director | Jun 2022 (4y) | Less than 5% | |
| Paul, Nathan, Abraham | Chief Operating Officer | Jan 2023 (4y) | Less than 5% | |
| Craig William Straub | Registered representative | Jun 2003 (23y) | ||
| Frank Gerard Sposato | Registered representative | Jun 2003 (23y) | ||
| Adule Mike Wariebi | Registered representative | Mar 2021 (5y) | ||
| Emily Tilden Braverman | Registered representative | Jun 2021 (5y) | ||
| Lauren Jo Miller | Registered representative | Jun 2021 (5y) | ||
| Maxwell Evan Bash | Registered representative | Jun 2021 (5y) | ||
| William Morin | Registered representative | Jun 2021 (5y) | ||
| Jonathan Christopher Flood | Registered representative | Jul 2021 (5y) | ||
| Andrew James Donatelli | Registered representative | Oct 2021 (5y) | ||
| David Murphy | Registered representative | Dec 2021 (5y) | ||
| Roshun Dayananda Pai | Registered representative | CFP | Mar 2022 (4y) | |
| Ava Claire Gaines | Registered representative | Apr 2022 (4y) | ||
| Thomas Andrew Dillmann | Registered representative | Aug 2022 (4y) | ||
| Peter J Hess | Registered representative | Sep 2022 (4y) | ||
| Giovanni Olomo | Registered representative | Mar 2023 (3y) | ||
| Thomas C Huber | Registered representative | Jun 2023 (3y) | ||
| Christopher John Schumacher | Registered representative | Jun 2023 (3y) | ||
| Alexandra Rose Choinski | Registered representative | Apr 2024 (2y) | ||
| Peter Anthony Bianco | Registered representative | Jun 2024 (2y) | ||
| Breanne Murphy Mc Donnell | Registered representative | Sep 2024 (2y) | ||
| Patrick Joseph Leonard | Registered representative | Nov 2024 (2y) | ||
| Lauren Mc Grath | Registered representative | Jan 2025 (2y) | ||
| Austin Mingkai Zhao | Registered representative | Feb 2025 (1y) | ||
| Stephanie Lauren Schils | Registered representative | Mar 2025 (1y) | ||
| Abigail Langenderfer | Registered representative | Mar 2025 (1y) | ||
| Matthew A Chorches | Registered representative | Mar 2025 (1y) | ||
| Matthew Gerard Laquidara | Registered representative | Jun 2025 (1y) | ||
| Brandon M Anderson | Registered representative | Jul 2025 (1y) | ||
| Roshan Nair | Registered representative | Aug 2025 (1y) | ||
| Mariana Del Carmen Colberg Iturregui | Registered representative | Aug 2025 (1y) | ||
| Joseph Timothy Daly | Registered representative | Oct 2025 (1y) | ||
| Scott Robert Kent | Registered representative | Oct 2025 (1y) | ||
| Patrick Finn Reilly | Registered representative | Apr 2026 (0y) | ||
| Maxwell Caufield Skidmore | Registered representative | May 2026 (0y) |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Lazard Freres & Co Llc | Parent | Dec 2002 | A | 75% or more |
| Lazard Group Llc | Sole Member | May 2005 | B | ≈ 56.25% – 100% via Lazard Freres & Co Llc |
| Lazard, Inc. | Shareholder | May 2005 | B | ≈ 15.82% – 75% via Lltd Corp I |
| Lltd Corp I | Shareholder | May 2005 | B | ≈ 21.09% – 75% via Lltd Corp Ii |
| Lltd Holding S.A.R.L. | Shareholder | May 2017 | B | ≈ 10.55% – 50% via Lltd 2 S.A.R.L. |
| Lltd Corp Ii | Managing Member | May 2005 | B | ≈ 28.13% – 75% via Lazard Group Llc |
| Lltd 2 S.A.R.L. | Managing Member | May 2005 | B | ≈ 14.06% – 50% via Lazard Group Llc |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Lazard Group Llc: 75% – 100% of Lazard Freres & Co Llc × 75% – 100% direct ≈ 56.25% – 100% of the firm
- Lazard, Inc.: 75% – 100% of Lltd Corp I × 75% – 100% of Lltd Corp Ii × 50% – 75% of Lazard Group Llc × 75% – 100% of Lazard Freres & Co Llc × 75% – 100% direct ≈ 15.82% – 75% of the firm
- Lltd Corp I: 75% – 100% of Lltd Corp Ii × 50% – 75% of Lazard Group Llc × 75% – 100% of Lazard Freres & Co Llc × 75% – 100% direct ≈ 21.09% – 75% of the firm
- Lltd Holding S.A.R.L.: 75% – 100% of Lltd 2 S.A.R.L. × 25% – 50% of Lazard Group Llc × 75% – 100% of Lazard Freres & Co Llc × 75% – 100% direct ≈ 10.55% – 50% of the firm
- Lltd Corp Ii: 50% – 75% of Lazard Group Llc × 75% – 100% of Lazard Freres & Co Llc × 75% – 100% direct ≈ 28.13% – 75% of the firm
- Lltd 2 S.A.R.L.: 25% – 50% of Lazard Group Llc × 75% – 100% of Lazard Freres & Co Llc × 75% – 100% direct ≈ 14.06% – 50% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (62, $5.3B gross assets)
Top 25 of 62 funds by gross assets · all funds
From Form ADV Section 7.B private fund reporting.
Retirement plans served (52)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| Michigan Laborers' Pension Plan | Board Of Trustees Michigan Laborers' Pension Fund | 12,152 | $1.3B | 09/01/2024 |
| Ohio Operating Engineers Pension Plan | Ohio Operating Engineers Pension Plan | 10,813 | $3.9B | 08/01/2024 |
| General Building Laborers' Local 66 Annuity Fund | Board Of Trustees General Building Lab Local 66 Annuity Fund | 2,456 | $141M | 07/01/2024 |
| General Building Laborers' Local 66 Pension Fund | Board Of Trustees General Building Local 66 Pension Fund | 561 | $218M | 07/01/2024 |
| Ironworkers National Pension Plan | Ironworkers National Pension Plan Board Of Trustees | 2,852 | $503M | 07/01/2024 |
| United Food & Commercial Workers Intl Union Industry Pension Fund | Trustees Of Ufcw Int'l Union Industry Pension Fund | 18,995 | $8.2B | 07/01/2024 |
| New York District Council Of Carpenters Pension Pl | Board Of Trustees Of Nycdcc Pension Fund | 10,331 | $5.4B | 07/01/2024 |
| Michiana Area Electrical Workers Pension Fund | Board Of Trustees Michiana Area Electrical Workers Pension Fund | 1,392 | $228M | 07/01/2024 |
| Retirement And Pension Plan For Officers & Employees Of The Nycdcc And Related Organizations | Bd Trustees Ret And Pension Plan For Officers And | 41 | $105M | 07/01/2024 |
| D & H Employee Stock Ownership Plan | D & H Corporate Group Inc. | 1,478 | $314M | 05/01/2024 |
| Carpenters' Pension Trust Fund Detroit And Vicinity | Board Of Trustees Of Carpenters' Pension Trust Funddetroit&Vicinity | 4,904 | $1.4B | 05/01/2024 |
| Sheet Metal Workers Local No. 292 Pension Fund | Board Of Trustees, Sheet Metal Workers Local No. 292 Pension Fund | 608 | $166M | 04/01/2024 |
| Hawaii Sheet Metal Workers Pension Fund | Hawaii Sheet Metal Workers Pension Fund | 430 | $316M | 02/01/2024 |
| International Brotherhood Of Teamsters Union Local 710 Pension Fund | Trustees Of I.B. Of T. Union Local 710 Pension Fund | 7,676 | $4.5B | 02/01/2024 |
| Hess Corporation Employees' Pension Plan | Hess Corporation | 1,520 | $1.9B | 01/01/2024 |
| I.U.O.E. Annuity Fund Local 137,137 A,137 B,137 C, And 137 R | Board Of Trustees I.U.O.E. Annuity Local 137 137 A 137 B 137 C 137 R | 717 | $253M | 01/01/2024 |
| Pension Plan Of The Iuoe Local 137 137 A 137 B 137 C 137 R, Afl Cio | Bd Of Trustees Pension Plan Of The Iuoe 137 137 A 137 B 137 C 137 R Aflcio | 608 | $272M | 01/01/2024 |
| Screen Actors Guild Producers Pension Plan | Board Of Trustees Screen Actors Guild Producers | 31,218 | $5.3B | 01/01/2024 |
| Electrician's Retirement Fund | The Building Industry Electrical Contractors Association, Inc. | 921 | $236M | 01/01/2024 |
| Citi Retirement Savings Plan For Puerto Rico | Citibank, N.A. Puerto Rico, A Subsidiary Of Citigroup Inc. | 103 | $50.1M | 01/01/2024 |
| Citi Retirement Savings Plan | Citigroup Inc. | 74,487 | $23.2B | 01/01/2024 |
| The Citigroup Pension Plan | Citigroup Inc. | 14,217 | $10.0B | 01/01/2024 |
| Xpo Pension Plan | Xpo Cnw, Inc. | 3,810 | $1.5B | 01/01/2024 |
| Building Trades Pension Plan Of Western Pennsylvania | Board Of Trustees Building Trades Pension Plan Of Western Pennsylvan. | 1,235 | $115M | 01/01/2024 |
| Joint Pension Fund Of Local Union No 102 | Joint Pension Fund Of Local Union No 102 Ibew Board Of Trustees | 1,981 | $718M | 01/01/2024 |
Top 25 of 52 plans by assets.
From Form 5500 service-provider disclosures.
Foundations & charities (1)
| Organization | Type | Assets | As of |
|---|---|---|---|
| Iron Workers Locals 40 & 361 Topping Out Fund | Public charity | $319M | 12/31/2024 |
From IRS Form 990 investment-management-fee disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/30/2026 | 15.3 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
Regulatory · Item 11.D(2)
as of Jul 17, 2024
Allegations: IN AUGUST 2019, LAZARD ASSET MANAGEMENT LLC ("LAM") SUBMITTED A NOTIFICATION WITH THE SFSA DISCLOSING THAT LAM'S OWNERSHIP OF SHARES OF A SWEDISH ISSUER HAD EXCEEDED 5%. DUE TO AN ADMINISTRATIVE ERROR, SUCH NOTIFICATION WAS FILED AFTER THE NOTIFICATION DEADLINE SPECIFIED IN THE SWEDISH FINANCIAL INSTRUMENT TRADING ACT. Status: Pending Summary: IN MAY 2022, THE SFSA SENT LAM AN INVOICE FOR A FINE OF SEK 185,000 (APPROXIMATELY USD 17,400). LAM DID NOT RECEIVE THE INVOICE AT THAT TIME. LAM RECEIVED THE INVOICE ON THE DATE OF THIS FILING AND INTENDS TO PAY SUCH INVOICE PROMPTLY.
Disclosure text reproduced verbatim from the firm's own Form ADV filings.
How they charge
- • Percentage of assets under management
- • Fixed fees
- • Performance-based fees
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
- • Selection of other advisers
Custody
Reported custodians
- State Street $16.6B (14% of AUM) Mar 2026
- BNY Mellon $13.5B (11% of AUM) Mar 2026
- Brown Brothers Harriman & Co. $11.1B (9% of AUM) Mar 2026
- J.P. Morgan $10.0B (8% of AUM) Mar 2026
- Northern Trust $7.9B (5% of AUM) Feb 2021
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 30, 2026.
View current Form ADV (SEC/IAPD) ↗