Lazard posts a lift in profits but its share price still drops

City A.M. Reporter
INVESTMENT bank Lazard, facing questions about succession after the death of chief executive Bruce Wasserstein, reported higher-than-expected quarterly profit yesterday on strong restructuring revenue from a wave of bankruptcies.<br /><br />The restructuring unit produced record quarterly revenue of $119.1m, up from $23.9m a year ago, and is likely to continue its strong performance, interim chief executive Steven Golub said.<br /><br />&ldquo;As we look at restructuring going forward, we believe defaults will remain at high levels and will be at a more global level,&rdquo; Golub said. &ldquo;We expect our restructuring business will continue to be very active.&rdquo;<br /><br />Lazard posted net profits of $37.4m,&nbsp; for the third quarter, compared with a year-earlier net loss of $77m.<br /><br />Lazard also posted improved results in asset management, where revenue rose 20 per cent to $157.3m.<br /><br />Despite this the group&rsquo;s shares fell four per cent to $37.15.<br /><br />Pali International analyst Doug Sipkin said Lazard shares may be down due to investor concerns about global equity markets, which drive Lazard's asset management business.<br />