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The acquisition of Campbell Lutyens establishes Lazard CL as a third global business unit, focusing on private capital advisory to diversify revenue beyond traditional M&A cycles.

Private capital connectivity has expanded from 25% of advisory revenue in 2019 to 40% today, with the new acquisition expected to reach the 2030 target of 50% ahead of schedule.

Financial Advisory results were impacted by several large transactions shifting to later in 2026, though management remains optimistic due to a 50% year-over-year increase in conflict clearances for deals over $5 billion.

Asset Management achieved its highest quarterly net inflows in nearly 20 years at $9 billion, driven by a strategic pivot toward active management in emerging and international markets.

Management attributes the firm's resilience to a 'contextual alpha' approach, integrating geopolitical insights with financial advisory to navigate complex macroeconomic environments.

The firm exceeded its talent expansion goals by adding 28 net Managing Directors in 2025, with the majority of productivity gains from these hires expected to manifest in future periods.

The Campbell Lutyens transaction is projected to be EPS accretive in 2027, assuming no cost synergies and utilizing an all-stock upfront consideration structure with the option to settle deferred and performance-based payments in either stock or cash.

Management anticipates 2026 will be a year of significant investor reallocation toward emerging and international markets, where Lazard maintains a distinct research edge.

The full-year compensation ratio is targeted at approximately 65.5%, despite a seasonally higher 69.9% in the first quarter due to fixed compensation accrual mechanics.

The effective tax rate for the full year 2026 is expected to remain in the high 20s percent range, following discrete benefits from stock-based awards in Q1.

Guidance for Asset Management flows remains positive for the full year, though management expects a moderation in net flow levels in the immediate coming months.

A $78 million non-cash gain was recorded in GAAP results from the sale of State and Edgewater funds, though this was excluded from adjusted reporting.

Geopolitical uncertainty, particularly regarding the path forward in the Middle East, remains a primary variable that could impact the timing of deal closures.

The firm is implementing a long-dated program to streamline support functions across geographies to drive operational efficiency and cost reductions.

Management noted potential risks in the private credit market, specifically within the software sector and retail-funded vehicles, though Lazard's exposure is limited.

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Management expects a 'flywheel effect' where M&A and restructuring practices feed the fundraising business and vice versa.

The combination provides proprietary data sets on GPs and LPs that, when paired with Lazard's AI capabilities, will enhance advisory insights.

While Q1 flows were exceptionally strong, management cautioned against straight-lining the $9 billion figure, expecting some moderation due to potential redemptions.

The average management fee rate of 44.6 basis points is expected to remain stable around this level for the remainder of the year.

Management acknowledged that private equity M&A remains the weaker part of the market, with many participants 'waiting for Godot' regarding a full recovery.

Despite the lag in deal announcements, active processes and leadership commentary from alternative asset managers suggest an uptick later in 2026.

The CFO identified opportunities to streamline operations between geographies and businesses, with more details on cost reductions expected in the second half of the year.

The Campbell Lutyens acquisition is viewed as a deleveraging transaction that enhances balance sheet flexibility for future organic or inorganic investments.

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