* Second-quarter adjusted earnings $0.64/shr vs est. $0.57
* M&A and other advisory revenue up 7 pct
* Asset-management revenue up 18 pct
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July 24 Investment bank and asset manager Lazard
Ltd reported a better-than-expected quarterly profit, as
merger and acquisition advisory and asset management fees rose
amid an increase in corporate deals.
Lazard's M&A and other advisory fees rose 7 percent in the
second quarter ended June 30.
Globally, deals worth $1.75 trillion have been struck this
year to June 26, up 75 percent from a year earlier and the
highest level since 2007 before the financial crisis, according
to Thomson Reuters data.
In one of its big deals in the second quarter, Lazard
advised jet engine parts maker Firth Rixson on the $2.85 billion
sale to aluminum group Alcoa Inc.
Lazard's adjusted net profit rose to $85 million, or 64
cents per share, in the quarter from $60 million, or 45 cents
per share, a year earlier.
Analysts on average had expected earnings of 57 cents per
share, according to Thomson Reuters I/B/E/S.
Total operating revenue grew 12 percent to $571 million,
topping the average analyst estimate of $529.31 million.
Lazard has been diversifying to rely less on merger advisory
revenue, which tends to be volatile, by expanding its
Revenue in the company's asset-management business rose 18
percent in the quarter as a rise in stock prices boosted fees.
Assets under management rose to $205 billion from $163
Lazard's shares were up 2.6 percent at $ 52.25 in afternoon
trading on Thursday on the New York Stock Exchange. The stock
has risen 3.8 percent since the company reported first-quarter
results in May.
(Reporting by Neha Dimri in Bangalore; Editing by Kirti Pandey)