Boutique investment bank Lazard reported is having a record year, blowing past second-quarter revenue and profit estimates.
Lazard posted $US120 million in profits in the quarter, or $US0.91 per share, to go along with a record $US720 million in operating revenue.
That well exceeded analyst expectations of $US0.79 earnings per share and $US629 million in revenue.
The firm also reported that assets under management rose to a record $US226 billion.
“Lazard’s record operating revenue underscores the power of our model and the global breadth and depth of our franchise,” said Kenneth M. Jacobs, Chairman and Chief Executive Officer of Lazard. “We advised business and government leaders on a wide variety of strategic and financial matters around the world. Asset Management achieved a record level of AUM by providing diverse, sophisticated investment solutions for a global, primarily institutional client base.”