Lazard Ltd has reported a 81% jump in its quarterly report, and the investment bank this is primarily due to the higher revenue in the asset management unit, which now accounts for nearly 50% of its overall business.
The firm says it has been attempting to diversify its own revenue over the last five years through the growing of asset management and restructuring of businesses during the financial crisis. That appears to be working as seen by the advancements in its report.
Asset management rose 13% to a $248.1 million tally from a year prior. Business made up nearly half of the revenue in the previous quarter, according to Lazard.
The investment bank has been more reliant on M&A advisory than rivals on Wall Street as it is lacking the underwriting or trading businesses that other posses.
The company's own advisory revenue did see a 6% increase in the third quarter. That is a jump of $233.8 overall. "In Asset Management, the diversification of our investment platforms and global client base continues to be a solid foundation for long-term growth," Chief Executive Kenneth Jacobs said in a statement.
Total assets that are held under the management as of September 30 saw a double-digit rise of 10% to a $176 billion total. Meanwhile, the company's compensation and benefits expenses total was 60% of the overall operating revenue. That left it unchanged since the second quarter.
The net income that is attributable to the common shareholder saw a rise to a $60.3 million total, which places it at 45 cents per share. On the adjustable basis, the company earned 46 center per share overall.
Analysts had expected the report of profit to be only 36 cents per share by the time the report was filed, according to Thomson Reuters. Lazard shares now close at over $37 as of Wednesday on the New York Stock Exchange.
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