NEW YORK - Lazard (NYSE:LAZ) Asset Management (LAM) has announced the appointment of Tomohiro Kamisaku as the new CEO of Lazard Japan Asset Management KK, effective from February 1, 2024. Kamisaku will take over from Yugo Ishida, who has led LAM's Japan business for a decade and will transition to a Senior Advisor role at the company.
Kamisaku joins LAM from Amundi Japan Ltd, where he was the Executive Vice President and Head of the Japan Institutional business. His experience also spans senior roles at JP Morgan Asset Management and UBS Asset Management. Kamisaku's appointment is part of LAM's strategy to expand its client base and deepen relationships with Japanese financial institutions and investors.
Evan Russo, CEO of Lazard Asset Management, expressed confidence in Kamisaku's leadership to scale the firm's operations in Japan. Russo acknowledged Ishida's contributions, under whom LAM's assets under management (AUM) in Japan more than tripled, and the firm established itself as a trusted partner in the financial community.
Lazard Japan Asset Management KK, with operations since 1987, manages approximately $4 billion for Japanese and global clients, with Japan representing nearly $10 billion in AUM for Lazard as of September 30, 2023. LAM, a subsidiary of Lazard, Inc. (NYSE: LAZ), managed around $246.6 billion of client assets as of December 31, 2023.
This leadership transition is based on a press release statement from Lazard Asset Management.
InvestingPro Insights
In the context of leadership changes and strategic expansions at Lazard Asset Management, current financial metrics and analyst insights provide a multifaceted view of the company's performance and outlook. According to real-time data from InvestingPro, Lazard Inc. (NYSE: LAZ) has a market capitalization of $3.47 billion and is trading at a price-to-book ratio of 9.6 as of the last twelve months ending Q3 2023. Despite facing a revenue decline of over 20% during the same period, the firm retains a high gross profit margin of 87.77%.
InvestingPro Tips highlight that analysts have revised their earnings expectations downwards for the upcoming period and anticipate a sales decline in the current year. However, the company has maintained its dividend payments for 19 consecutive years, showcasing a commitment to shareholder returns. With a strong one-month price total return of 14.11% and a three-month return of 45.58%, the company's stock performance has been robust in the short term. Analysts also predict the company will be profitable this year, suggesting potential for a positive turnaround.
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