We Assess Lazard as Undervalued Compared With Peers
While not yet pricing in all potential downside, we still view Lazard as having the best risk-adjusted return profile of the advisory-focused investment banks. After a soft start to 2016, Lazard’s third-quarter net revenue of $609 million was its fourth highest out of the last five years. The uptick in revenue was driven by market appreciation and inflows boosting assets under management, a moderate level of restructuring activity from commodity sectors, and acquisition deal closings. However, w...
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.
We have operations in 27 countries.
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