LAZARD (LAZ) Q1 2020 Earnings Call Transcript

LAZARD (LAZ) Q1 2020 Earnings Call Transcript

[Operator instructions] At this time, I will turn the call over to Alexandra Deignan, Lazard's head of investor relations.. Good morning, and welcome to Lazard's earnings call for the first quarter of 2020.. In addition to today's audio comments, we've posted our earnings release and an investor presentation, which you can access on our website.. Today's discussion also includes certain non-GAAP financial measures that we believe are meaningful when evaluating the company's performance.. A reconciliation of the non-GAAP financial measures to the comparable GAAP measures is provided in our earnings release and investor presentation.. Hosting our call today are Kenneth Jacobs, Lazard's chairman and chief executive officer; and Evan Russo, chief financial officer.. 1 in announced restructuring mandates for the first quarter of this year.. Average AUM for the first quarter was $222 billion, 3% lower than a year ago and 7% lower than the fourth quarter of 2019.. The decrease was primarily driven by market depreciation and negative foreign exchange movement with $4.9 billion of net outflows.. The quarter's net outflows were driven primarily by equity and debt emerging markets, as well as some local equity strategies.. As of April 24th, our AUM was approximately $198 billion, reflecting market