Lazard, the largest independent merger-advisory firm, reported first-quarter profit that missed analysts’ estimates as revenue declined.
Net income fell 40% to $15.4m from $25.6m, a year earlier, the firm said.
Lazard CEO Ken Jacobs, 54, told investors in February that the next few months will determine whether a shift in corporate sentiment leads to an upturn in dealmaking amid improving valuations and available financing.
Global merger-and-acquisition volume declined 1.5% in the first quarter from a year earlier, following a year in which total dollar volume dropped for the first time since 2009, according to data compiled by Bloomberg.
'Advisory had a soft quarter', Jacobs said in a phone interview following the results. 'It’s reflective of the volatility in the markets six to nine months ago because there’s a lag between announcements and closings'.
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image: © Matthew Hine