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Text: I am Alexandra Deignan, the company's Head of Investor Relations and Corporate Sustainability.
Today's discussion also includes certain non-GAAP financial measures that we believe are meaningful when evaluating the company's performance.
Hosting our call today are Kenneth Jacobs, Lazard's Chairman and Chief Executive Officer; and Evan Russo, Chief Financial Officer.
Evan will start the discussion with an overview of our financial results, then Ken will provide his perspective on the outlook for our business.
After that, we'll open the call to questions.
Today, we reported record operating revenue for the second quarter and first half of 2021, driven by strong results across the firm.
Second quarter revenue was a record $821 million, up 51% from a year ago, and first half revenue was a record $1.5 billion, up 33% from a year ago.
Revenue for the last 12 months was a record $2.9 billion.
This high performance underscores the strength of our franchise and the breadth and depth of our business.
In financial advisory, record second quarter revenue of $471 million increased 61% from last year's period, reflecting broad based activity across sectors, market cap and regions.
M&A completions in the second quarter increased substantially in the Americas, Europe and Asia as did private equity transactions.
Our advisory revenue reflects a growing percentage of financial sponsor activity.
Our Global Private Capital Advisory franchise also had a strong quarter serving financial sponsors with new fundraising and innovative secondary market solutions.
Our second quarter restructuring revenue was down from last year's elevated level, and we expect lower levels of restructuring to continue in the second half of the year, given the strong liquidity across markets.
Our sovereign and capital markets businesses continue to be active, advising governments and corporations on financing strategy and capital raising.
Overall, our advisory business is experiencing unprecedented activity levels.
Assuming current macroeconomic conditions, as we said last quarter, we expect that our Financial Advisory revenue in the second half of 2021 will be higher than the first half.
Asset Management operating revenue reached an all time high for the quarter and first half of the year with second quarter revenue of $343 million, up 40% from a year ago.
This reflected management fees on a larger base of assets under management, as well as strong incentive fees, primarily from European equity strategies.
Average AUM for the second quarter reached a record high of $276 billion, 32% higher than a year ago and 6% higher on a sequential basis.
As of June 30th, we reported AUM at a quarter end record level of $277 billion, 29% higher than last year's period and 5% higher on a sequential basis.
The increase was primarily driven by market appreciation and positive foreign exchange movement with $0.8 billion of net outflows.
The quarter's net outflows were limited to our equity platform, particularly in emerging markets.
These were partly offset by net inflows in our fixed income and alternatives platforms.
Gross inflows continue to be healthy across our platforms.
As of July 23rd, AUM increased to approximately $278 billion driven primarily by market appreciation of $2.5 billion, partly offset by negative foreign exchange movement of $1.3 billion and net outflows of approximately $1 billion.
We continue to see demand for global and international equities as well as our quantitative and fixed income strategies.
We are investing for growth across the firm.
In Asset Management, we continue to invest in people, technology and our distribution effort, as well as the development of new and existing funds and the scaling up of our platforms.
In the second quarter, we launched an investment grade convertible bond fund, our fifth long only strategy in the convertible space, an area where we are gaining significant traction.
In addition, this week we announced the senior hire to build and launch an investment strategy focused on sustainable private infrastructure.
We continue to see substantial opportunities to recruit talented investment teams adding strategies that are complementary to our existing platforms.
In financial advisory, we are driving growth with an elevated pace of strategic recruiting.
Year to date, we have made more than a dozen senior hires, including several high level senior advisors to increase the firm's breadth of revenue sources and connectivity.
Now turning to expenses, even as we invest for growth, we are maintaining our cost discipline.
Our adjusted non-compensation ratio for the second quarter was 14.5%, compared to 18.3% in last year's second quarter.
Non-compensation expenses were 19% higher than the same period last year, reflecting increased business activity over the last year's depressed levels.
We continue to accrue compensation expense at a 59.5% adjusted compensation ratio in the second quarter.
Regarding taxes, our adjusted effective tax rate in the second quarter was 25.2%.
For the first half of the year, it was 26.7%.
We continue to expect this year's annual effective tax rate to be in the mid 20% range.
Lazard continues to generate strong cash flow, which supports return of capital to shareholders.
In the second quarter, we returned $161 million, which included $111 million in share repurchases.
We expect to continue our share repurchase program utilizing our cash flow from operations.
Our total outstanding share repurchase authorization is now approximately $339 million.
Ken will now provide perspective on our outlook.
The global macroeconomic environment continues to strengthen and market conditions remain excellent for both our businesses.
Even if the course of the pandemic remains uncertain, business conditions in most of the developed world are normalizing.
Economic recovery continues to be underpinned by unprecedented support from central banks and fiscal policy.
As CEOs, Boards and investors look past the short-term uncertainties, they are increasingly confident in the longer-term outlook.
The forces driving global strategic activity remain in place.
Technology driven disruption continues to be a catalyst for M&A across industries.
The global push to lower carbon emissions is an emerging catalyst.
The pandemic is driving structural changes in the real economy.
Shareholder activism continues to evolve globally and there is an abundance of private capital being put to work alongside strategic capital and specs.
Our advisory business is in high demand in this environment.
We are serving clients with the most sophisticated capabilities and deep insights into local markets, reinforced by expertise from global sector and specialty teams.
In Asset Management, we entered the second half of the year with a record level of assets under management.
Low interest rates continue to drive demand for risk assets including equities and corporate and emerging market debt as well as alternative investments.
Institutional investors continue to seek sources of differentiated alpha.
Our Asset Management business is especially well positioned in this environment with a diverse array of innovative strategies and solutions for a sophisticated client base.
We see significant opportunities for productive growth across our businesses, and we continue to invest in people, capabilities, technology infrastructure to enhance our competitive edge.
We remain focused on serving our clients well, while managing the firm for profitable growth and shareholder value over the long-term.
Lazard's people are returning to the office and meeting clients in person with greater regularity, which is boosting spirits across the firm.
Even as we hope for a continued lifting of quarantines and travel restrictions, we have proven our ability to serve clients in both fully remote and hybrid environments.
They are serving our clients with outstanding financial advice and solutions and they continue to be remarkably productive.
They are improving day in and day out that Lazard's greatest asset is our people.
Now, let's open the call to questions.

user
q2 revenue $821 million versus refinitiv ibes estimate of $660.5 million.
average assets under management (aum) for q2 of 2021 was $276 billion.
qtrly financial advisory operating revenue was $471 million, 61% higher than q2 of 2020.
aum as of june 30, 2021, was $277 billion.

assistant