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INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2012
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, 2012 and December 31, 2011:

 

    

September 30,

      December 31,  
     2012      2011  

Debt

    $ 25,744       $ 36,966   
  

 

 

     

 

 

  

Equities (a)

      207,695         156,053   
  

 

 

     

 

 

  

Other:

      

Interests in alternative asset management funds (a)

      31,673         20,610   

Fixed income funds (a)

      50,393         31,121   

Private equity

      117,194         122,718   

Equity method investments

      6,736         11,053   
  

 

 

     

 

 

  
     205,996         185,502   
  

 

 

     

 

 

  

Total

      439,435         378,521   

Less:

      

Interest-bearing deposits (included in “debt” above)

      552         2,834   

Equity method investments

      6,736         11,053   
  

 

 

     

 

 

  

Investments, at fair value

    $ 432,147       $ 364,634   
  

 

 

     

 

 

  

Securities sold, not yet purchased, at fair value (included in “other liabilities”)

    $ 2,793       $ 4,282   
  

 

 

     

 

 

  

 

(a) Equities, interests in alternative asset management funds and fixed income funds include investments with fair values of $76,280, $3,577 and $21,856, respectively, at September 30, 2012 and $19,857, $2,256 and $5,212, respectively, at December 31, 2011, held in order to satisfy the Company’s liability upon vesting of previously granted Lazard Fund Interests (“Lazard Fund Interests”) and other similar deferred compensation arrangements. Lazard Fund Interests represent grants by the Company to eligible employees of actual or notional interests in a number of Lazard-managed funds (see Notes 6 and 13 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, 2012 and 2011, 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,		  
     2012      2011      2012      2011  

Gross unrealized investment gains

    $ 4,081       $ –       $ 3,778       $ 35   

Gross unrealized investment losses

    $ –       $ 2,536       $ –       $ 1,670