For the current quarter, the company’s net income on a US GAAP basis, which includes the costs related to staff reductions, declined more than double which stood at $26m, or $0.20 per share (diluted), versus net income of $55m during the same period last year.
Lazard chairman and chief executive Kenneth Jacobs said the firm’s balanced mix of businesses continues to provide multiple sources of income contributing to their growth.
"The macroeconomic environment has improved since last summer but remains uncertain. If this improvement continues, strategic advisory activity will likely increase," said Jacobs.
"Asset Management continued its strong pattern of growth in the first quarter, with assets under management rising above the full-year average for 2011."
Lazard’s core operating business includes its financial advisory and asset management businesses.
For the quarter ended on 31 March 2012, its financial advisory operating revenue was $277m against the operating revenue of $228.9m during the first quarter of 2011.
Asset Management operating revenue stood at $210m in the first quarter of 2012, 6% lower to $224m during the first quarter of 2011.
As of 31 March 2012, its assets under management (AUM) were $157m against assets under management of $160.5bn during the first quarter of 2011.
