Lazard profits surge in third quarter
Thursday 28 October 2010
Lazard, the investment bank, beat expectations for third-quarter profits as its fund management operation outperformed.
Profit rose 71 per cent during the three months, with strong gains in fees from merger and strategic advisory assignments also helping to boost the bottom line, cushioning the company from a sharp drop-off in revenue from restructuring activities.
Lazard is known for shepherding clients such as Qwest Communications International, Honeywell International and Continental Airlines through mergers and other strategic changes and has benefited from a renewed signs of life in the moribund market for mergers and acquisitions.
Revenue from advising on deals increased by 2 per cent to $160.7m (£102m), with the firm handling 15 completed mergers. Another 23 were announced in the quarter but not completed. But after record fees last year, a decline in corporate defaults hit results from the company's restructuring division. Revenue in that business fell by 45 per cent.
- 1 Woman accidentally shoots herself in the head while posing for a selfie
- 2 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
- 3 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
- 4 Female Muay Thai champion hustles coaches to give them a beating
- 5 16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Purity balls: Girls in the US making virginity pledges as fathers vow to 'protect purity'
Female Muay Thai champion hustles coaches to give them a beating
Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...