Lazard enjoys strong quarter in asset management
Asset management revenues at the boutique investment bank Lazard increased 16% to $124.4 million for the first quarter of 2006, a record first quarter figure, compared with $106.9 million for the first quarter of 2005.
Management fees increased 8% to $103.8 million for the first quarter compared with $95.7 million for first quarter of 2005, the bank said in a statement. The increase was driven by growth in average assets under management, which rose by 6% for the first quarter of 2006 to $91.7 billion from $86.3 billion for the first quarter of 2005. Assets under management at the end of the first quarter of 2006 were a record $95.1 billion, representing an increase of 8% from year-end 2005, due principally to market appreciation. The first quarter of 2006 experienced net inflows of $863 million, Lazard says.
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