Investments (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018 and December 31, 2017:

	March 31,		December 31,
	2018		2017
Interest-bearing deposits	$	549	$	556
Debt		7		6
Equities		40,778		45,257
Funds:
Alternative investments (a)		17,547		20,993
Debt (a)		62,808		84,077
Equity (a)		157,693		199,618
Private equity		75,570		76,679
		313,618		381,367
Total investments		354,952		427,186
Less:
Interest-bearing deposits		549		556
Investments, at fair value	$	354,403	$	426,630
Securities sold, not yet purchased, at fair value (included in “other liabilities”)	$	4,274	$	7,338

(a)

Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $8,294, $32,190 and $89,491, respectively, at March 31, 2018 and $11,213, $48,391 and $131,893, respectively, at December 31, 2017, 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 7 and 13).

Schedule of Trading Securities Net Unrealized Investment Gains and Losses

During the three month periods ended March 31, 2018 and 2017, 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,
	2018			2017
Net unrealized investment gains (losses)	$	(9,291	)	$	13,180