Investments (Tables)

9 Months Ended

Sep. 30, 2014

Company's Investments and Securities Sold, Not Yet Purchased

The Company’s investments and securities sold, not yet purchased, consist of the following at September 30, 2014 and December 31, 2013:


	September 30,		December 31,
	2014		2013
Interest-bearing deposits	$	24,785	$	516

Debt		7,185		8,013

Equities		63,275		59,394

Funds:
Alternative investments (a)		36,184		37,030
Debt (a)		81,099		58,769
Equity (a)		211,772		190,702
Private equity		117,104		114,193

		446,159		400,694

Equity method		8,518		9,488

Total investments		549,922		478,105
Less:
Interest-bearing deposits		24,785		516
Equity method		8,518		9,488

Investments, at fair value	$	516,619	$	468,101

Securities sold, not yet purchased, at fair value (included in “other liabilities”)	$	8,630	$	4,045

(a)

Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $8,566, $43,779 and $166,541, respectively, at September 30, 2014 and $7,099, $31,515 and $130,481, respectively, at December 31, 2013, held in order to satisfy the Company’s liability upon vesting of previously granted Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements. LFI represent grants by the Company to eligible employees of actual or notional interests in a number of Lazard-managed funds (see Notes 6 and 12 of Notes to Condensed Consolidated Financial Statements).

Schedule of Trading Securities Gross Unrealized Investment Gains and Losses

During the three month and nine month periods ended September 30, 2014 and 2013, the Company reported in “revenue-other” on its condensed consolidated statements of operations gross unrealized investment gains and losses pertaining to “trading” securities as follows:


	Three Month Period Ended September 30,				Nine Month Period Ended September 30,
	2014		2013		2014		2013
Gross unrealized investment gains	$	–	$	10,925	$	5,526	$	12,044
Gross unrealized investment losses	$	13,897	$	–	$	5,601	$	3,907