SCHEDULE 13G/A: FMR LLC and Abigail P. Johnson Maintain Significant 9.8% Stake in Lazard Inc.
Beneficial Ownership Report
FMR LLC and Abigail P. Johnson have jointly filed an amended Schedule 13G, disclosing a continued 9.8% beneficial ownership stake in Lazard Inc., totaling 11,075,322 common shares as of March 31, 2025.
Summary
- FMR LLC and Abigail P. Johnson are the reporting persons in this Schedule 13G Amendment No. 5 filing.
- They collectively beneficially own 11,075,322 shares of Lazard Inc. common stock.
- This ownership represents 9.8% of Lazard Inc.'s total outstanding common stock.
- The filing date is May 9, 2025, reflecting beneficial ownership as of March 31, 2025.
- FMR LLC holds sole voting power over 11,063,113 shares and sole dispositive power over 11,075,322 shares.
- Abigail P. Johnson holds sole dispositive power over 11,075,322 shares.
- The shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of Lazard Inc.
- Several FMR LLC subsidiaries, including FIAM LLC, Fidelity Diversifying Solutions LLC, Fidelity Institutional Asset Management Trust Company, Fidelity Management & Research Company LLC, and Fidelity Management Trust Company, are identified as entities that beneficially own shares.
Sentiment
Score: 7
Explanation: The document indicates a significant and stable institutional ownership stake by FMR LLC in Lazard Inc., which is generally a positive signal for shareholder base stability. However, as an ownership disclosure, it does not provide operational or financial performance insights.
Positives
- The continued significant institutional ownership by FMR LLC and its affiliates (9.8%) indicates a stable and substantial investor base for Lazard Inc.
- The filing explicitly states that the shares were acquired and are held in the ordinary course of business and not for control purposes, suggesting a passive, long-term investment intent from a major financial institution.
Future Outlook
This Schedule 13G filing is a disclosure of beneficial ownership and does not contain any forward-looking statements or guidance regarding Lazard Inc.'s future performance or outlook.
Management Comments
- FMR LLC and Abigail P. Johnson (through their authorized signatory) certified that the securities were acquired and are held in the ordinary course of business and were not acquired or held for the purpose of or with the effect of changing or influencing the control of Lazard Inc.
Industry Context
This filing highlights a significant passive investment by a major asset management firm (FMR LLC, parent of Fidelity Investments) in Lazard Inc., a prominent financial advisory and asset management company. Such substantial institutional holdings are common in the financial services industry, reflecting investment strategies focused on long-term value and market presence.
Comparison to Industry Standards
- As a beneficial ownership filing, this document does not provide financial results for comparison to industry standards. However, a 9.8% stake represents a substantial, non-controlling position for an institutional investor like FMR LLC in a publicly traded company within the financial sector.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Internal Governance Disclosure (FMR LLC) | Members of the Johnson family, including Abigail P. Johnson, are predominant owners of Series B voting common shares of FMR LLC (49% voting power). They have a shareholders' voting agreement where all Series B shares are voted in accordance with the majority vote, potentially forming a controlling group with respect to FMR LLC under the Investment Company Act of 1940. | NA | This relates to the internal governance structure of FMR LLC and its control, not directly to Lazard Inc.'s corporate governance. |
Stakeholder Impact
- Shareholders: Provides transparency regarding a significant institutional investor's stake, potentially reinforcing confidence in the company's ownership structure.
- Management: Awareness of a large, passive institutional investor on the shareholder register.
Key Dates
| Date | Description |
|---|---|
| January 3, 2023 | Effective date of Power of Attorney for FMR LLC. |
| January 26, 2023 | Effective date of Power of Attorney for Abigail P. Johnson. |
| March 31, 2025 | Date of event which requires filing of this statement, representing the snapshot of beneficial ownership. |
| May 9, 2025 | Date of filing of the Schedule 13G Amendment No. 5. |
Keywords
Lazard Inc, FMR LLC, Abigail P. Johnson, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, SEC Filing, Investment Management, Asset Management
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.