(Reuters) - Financial adviser Lazard Ltd (LAZ.N) reported better-than-expected quarterly profit on Thursday, helped by growth in financial advisory and asset management businesses.
Lazard, often seen as the bellwether for the mergers and acquisitions advisory industry, said revenue from its financial advisory business, which includes M&A advisory, rose 1 percent to $415 million in the quarter.
The Bermuda-headquartered advisory firm had a market share of 8.2 percent for completed deals globally in the latest quarter according to Thomson Reuters data.
It closed several high-profile deals in the quarter such as Altice’s $40 billion group reorganization, and Unibail-Rodamco’s $24.7 billion purchase of Westfield.
Total revenue rose 5.7 percent to $771.5 million.
Net income attributable to Lazard rose to $147 million, or $1.13 per share, in the second quarter ended June 30, from $120.4 million, or 91 cents per share, a year ago.
On an adjusted basis, the company earned $1.10 per share. Analysts on average estimated a profit of 92 cents per share, according to Thomson Reuters I/B/E/S.
Reporting By Aparajita Saxena and Diptendu Lahiri in Bengaluru; Editing by Supriya Kurane