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  "documentTitle": "Lazard Ltd (LAZ)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-06-18 00:00:00",
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  "slideType": "market_sizing",
  "function": "size_opportunity",
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  "notes": "The slide uses a gap analysis between GDP contribution and AUM penetration to argue for future growth in emerging markets.",
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      "text": "Developing and emerging markets represent 40% of global GDP but only 12% of industry assets under management",
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      "text": "Global GDP: $70 Trillion",
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      "text": "Global AUM: $56 Trillion",
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      "text": "Source: BCG Report, \"Global Asset Management 2011\", CIA World Factbook\n(1) Includes North America, Europe, Japan and Australia\n(2) Includes $2.9T Asia (excluding Japan and Australia), $1.3T Latin America, $1.0T South Africa and the Middle East and $1.6T Other, which consists primarily of offshore AUM",
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      "text": "Developed markets(1)\nDeveloping and emerging markets(2)",
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      "text": "Developing and emerging markets represent 40% of global GDP but only 12% of industry assets under management\nGrowing capital markets, strong GDP growth, and investor demand to diversify outside of US / Western European markets should lead to strong AUM growth in global and international assets",
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      "text": "AUM growth: 12%",
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      "kind": "title",
      "text": "Global Equity is Expected to Continue to Gain Share",
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