Lazard’s Financial Advisory Revenue Slowed in 3Q, but We Expect a Rebound in 2018
Financial advisory at narrow-moat Lazard is showing some small signs of slowing down, but we still expect 2018 to be a strong year, and asset management revenue continues to be an area of strength. GAAP net revenue increased 3% from the previous year to $625 million, and adjusted earnings per diluted share was approximately flat at $0.85. However, for the first nine months of 2017, revenue was up 20% to $1.97 billion, and adjusted earnings per diluted share was up 36% to $2.66. The difference fr...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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