Key facts
- Lazard's adjusted financial advisory revenue rose 14% to a record $422 million.
- Asset management revenue grew 8% to $294 million.
- Total adjusted revenue reached a record $725 million, up 12% year-on-year.
- Profit of 56 cents per share beat the consensus estimate of 45 cents.
Lazard surpassed third-quarter profit expectations on Thursday, fueled by a resurgence in dealmaking. The financial advisory firm reported a 14% increase in adjusted financial advisory revenue to a record $422 million, with CEO Peter Orszag noting a constructive environment across all advisory lines, including rising M&A demand and strong restructuring activity. The company also saw asset management revenue grow 8% to $294 million, contributing to an overall adjusted revenue of $725 million, up 12% from the previous year. Lazard advised on significant transactions, such as Ferrero's acquisition of WK Kellogg Co and Corteva Agriscience's planned separation. Orszag highlighted a more accommodating regulatory environment in the U.S. under the Trump administration compared to the previous one. The bank's assets under management increased to $265 billion from $248 billion a year prior.