Profits at Lazard up by 139%

1 November 2007

Third quarter earnings at US investment back, Lazard, more than doubled following record fees for merger and acquisitions.

Net profit at the bank, led by Bruce Wasserstein, grew to $83.6 million up from $35 million last year.

Fees in the mergers and acquisitions department were nearly doubled to $295.4 million in the quarter.

Deals with Mellon Financial's merger with the Bank of New York and TXU's sale to Kohlberg Kravis Roberts and TPG were among the high profile merger and acquisition deals that bank was involved with.

Asset management also performed well, generating a record $177.5 million in revenue, an increase of 42 per cent.

Focusing on asset management and mergers and acquisitions has meant that the bank has largely been able to avoid the effects of the sub-prime crisis.

City AM reported Mr Wasserstein comments: "As we pointed out last quarter, we have limited exposure to the volatile credit market environment."

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