Net income rose to $101 million, or 91 cents a share, as first-quarter revenue increased 17% to $757 million and average assets under management reached $266 billion.
Asset management revenue surged 42%, helped by client portfolio shifts during volatile markets, while CEO Peter Orszag said M&A revenue was hurt by transaction timing but the outlook remained optimistic.
Lazard advised on deals including Keurig Dr Pepper's $23 billion JDE Peet's acquisition and Zurich Insurance's £8.2 billion Beazley offer, as global first-quarter M&A revenue rose 19% to a record $11.3 billion.
Will Lazard's big bet on private markets dilute its elite M&A advisory brand?
Is Lazard's plan to double revenue with AI a credible vision or just Wall Street hype?
Can Lazard's advisors navigate the new era of 'geopolitical capitalism' for clients?