Lazard revenues jump in 2014 as final quarter shows record gains

 
Caitlin Morrison
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Asset manager Lazard reported a record revenue of $2.3bn (£1.5bn) for 2014, up 15 per cent on 2013, while in the final quarter of the year, the company chalked up another record, with revenue hitting $646m.

The financial advisory arm of the firm posted $1.2bn in revenue, up 23 per cent compared to 2013, and the strategic advisory division was up 29 per cent to $1.09bn.

Lazard attributed these gains to yet another record, as revenue from the M&A and other advisory segment passed the $1bn mark for the first time, increasing by 31 per cent to $1.01bn.

In 2014 Lazard, which has just replaced Bank of America as advisor to Pfizer on its acquisition of Hospira, also advised on Burger King’s $11.9bn merger with Tim Hortons.

Kenneth Jacobs, chairman and chief executive of Lazard, said: “We have achieved our financial goals while investing in the firm and strengthening our market position.”

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