Lazard Ltd. said fourth-quarter revenue rose amid gains in its financial advisory and asset-management businesses, while its profit declined on higher costs and income tax provisions.
Financial advisory revenue grew 22% from the prior year to $331.2 million with revenue in its deal-making advisory business growing 17%. Revenue from its restructuring advisory business grew 15% from the prior year’s quarter. With low energy prices, a number of energy companies have filed for bankruptcy in recent years, boosting Lazard’s restructuring business.
On the asset management side, revenue grew 6% from a year earlier as assets under management at the end of December grew 6.5% to $198 billion.
Expenses rose …
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