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Lazard Earnings Rise On Core Business

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Lazard Ltd (NYSE:LAZ) reported great earnings for the third quarter driven largely by their merger advisory business. The investment bank reported an increase in profits of 81 percent for the quarter. It earned profits of $62 million or 46 cents per share, which beat estimates from Bloomberg by 10 cents. Revenues increased 10 percent to $489 million. Volume of merger deals rose 3 percent with revenues of $192 million. In addition, assets under management increased to a record high of $176 billion. Revenues within the unit rose 13 percent. The stock is currently up 4 percent.