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New piece for The New York Times Book Review to accompany a review of Rachel Moran’s book Paid For: My Journey Through Prostitution.
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Lazard Earnings Rise 75% on Deals
BY MICHAEL J. DE LA MERCED
Lazard, via Associated PressKenneth M. Jacobs, Lazard’s chief executive.
An improving market for deals and cost-cutting bolstered Lazard’s third-quarter earnings, as the investment bank reported on Thursday a 75 percent increase in profit from the period a year earlier.
The firm said it earned $62 million in adjusted profit for the quarter, amounting to 46 cents a share. On average, analysts had been expecting a profit of 35 cents a share, according to estimates compiled by Standard & Poor’s Capital IQ.
Lazard also reported a 10 percent rise in operating revenue, to $489 million.
“It was a solid quarter on both sides of the business,” Kenneth M. Jacobs, Lazard’s chief executive, said by telephone.
The improvement in Lazard’s results reflect, in part, a rise in markets, which has helped both the firm’s core financial advisory arm and its asset management business.
Its best-known operation, its mergers arm, reported a 3 percent rise in revenue, to $192 million. Assignments that the firm completed in the quarter included the sale of the Dutch coffee and tea company D.E. Master Blenders 1753 to Joh. A. Benckiser and the $2.8 billion sale of Ameristar Casinos to Pinnacle Entertainment.
Mr. Jacobs said he expected mergers activity to continue rising, given continued improvement in global economies and increased confidence in corporate boardrooms.
“The change in the last six to 12 months has generally been confidence,” he said. “That augurs well for deals.”
And Lazard’s asset management arm reported a 13 percent rise in revenue, to $248 million, as the firm’s assets under management rose to a record $176 billion thanks to increasing values and new client money.
The investment bank also disclosed that it held its adjusted compensation ratio at 60 percent, compared with 62.7 percent in the period a year earlier. Its ratio of noncompensation expenses to operating revenue fell to 19.7 percent from 21.5 percent.