09:49 AM EDT, 04/10/2024 (MT Newswires) -- Lazard ( LAZ ) said Wednesday that its preliminary assets under management rose to $250.4 billion in March from a little over $248 billion a month earlier.

The increase was attributed to a $5.3 billion gain in market appreciation that was offset by net outflows of $2.5 billion and foreign exchange depreciation of $400 million.

The firm's equity assets under management rose to $195.3 billion from $192.7 billion during March, while its fixed income assets declined slightly to $47.2 billion from $47.3 billion.

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