The boutique investment bank Moelis & Company on Thursday reported a higher fourth-quarter profit, though its results fell short of Wall Street’s expectations.
The New York Times reports that Moelis, which had an initial public offering last April, said its fourth-quarter net income rose 13 percent, to $38.3 million, compared with results in the period a year earlier.
Despite advising on a number of transactions that closed in the quarter, Moelis said its revenue declined 7 percent, to $143.9 million. The firm attributed the decline primarily to a weaker market for restructurings, which are an important source of business.
In the meantime, the newspaper also reported that the boom in mergers and acquisitions last year helped Lazard, the boutique investment bank, report a fourth-quarter profit that exceeded analysts’ expectations.
Lazard said on Thursday that its adjusted profit rose 57 percent, to $172.4 million, from the period a year earlier. The results amounted to $1.29 a share, surpassing the $1.06 a share that analysts surveyed by Thomson Reuters had expected.