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April 26 (Reuters) - Financial adviser Lazard Ltd posted a better-than-expected quarterly profit on Thursday, helped by growth in its financial advisory and asset management businesses.
Net income attributable to Lazard rose to $159.7 million, or $1.21 per share, in the first quarter ended March 31 from $107.6 million, or 81 cents per share, a year ago.
The company, often seen as a bellwether for the mergers and acquisitions advisory industry, posted adjusted earnings of $1.26 per share, beating analysts’ estimates of $1.04, according to Thomson Reuters I/B/E/S.
Revenue from its financial advisory business rose 15.8 percent, while asset management revenue rose 18.5 percent.
Total revenue jumped 20.5 percent to $768.2 million.
The Bermuda-headquartered boutique advisory firm closed several deals in the latest quarter, including Sempra Energy’s acquisition of an 80 percent stake in Oncor, which valued the company at $18.8 billion, and Calpine’s $17.1 billion sale to a consortium led by Energy Capital Partners. (Reporting By Aparajita Saxena in Bengaluru; Editing by Anil D’Silva)