Investments (Tables)

3 Months Ended

Mar. 31, 2017

Company's Investments and Securities Sold, Not Yet Purchased

The Company’s investments and securities sold, not yet purchased, consist of the following at March 31, 2017 and December 31, 2016:

	March 31,		December 31,
	2017		2016
Interest-bearing deposits	$	483	$	456
Equities		42,962		41,017
Funds:
Alternative investments (a)		31,046		32,441
Debt (a)		61,486		74,597
Equity (a)		135,926		188,268
Private equity		109,949		122,421
		338,407		417,727
Equity method		222		222
Total investments		382,074		459,422
Less:
Interest-bearing deposits		483		456
Equity method		222		222
Investments, at fair value	$	381,369	$	458,744
Securities sold, not yet purchased, at fair value (included in “other liabilities”)	$	4,293	$	4,482

(a)

Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $11,085, $24,004 and $71,552, respectively, at March 31, 2017 and $13,080, $37,869 and $128,219, respectively, at December 31, 2016, 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, subject to service-based vesting conditions (see Notes 6 and 12).

Schedule of Trading Securities Net Unrealized Investment Gains and Losses

During the three month periods ended March 31, 2017 and 2016, the Company reported in “revenue-other” on its condensed consolidated statements of operations net unrealized investment gains and losses pertaining to “trading” securities still held as of the reporting date as follows:

	Three Months Ended
	March 31,
	2017		2016
Net unrealized investment gains	$	13,180	$	5,315