Investor Highlights
Lower Revenue Volatility than Peers
Unique combination of stable businesses minimizes volatility over time
0.13
OPERATING REVENUE VOLATILITY (2010-2020)1
0.11
0.18
LAZARD
2
2
Bulge Bracket
Traditional AM
LAZARD
0.34
Independent FA²
0.50
2
Alt. AM
Peer samples do not include firms that no longer exist, which, if included, could have
resulted in higher volatility.
Source: IMF WEO Database, FactSet, company filings.
1
2
Volatility for each firm calculated as one standard deviation of annual revenue over the period divided by average
revenue.
Bulge Bracket includes Bank of America, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Morgan
Stanley and UBS. Traditional Asset Management includes Alliance Bernstein, Blackrock, Eaton Vance, Franklin
Resources, Invesco and T. Rowe Price. Independent Financial Advisory includes Evercore, Greenhill, Moelis and
PJT. Alternative Asset Management includes Apollo, Blackstone, KKR and Sculptor Capital Management.
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