Investment bank Lazard exceeded second-quarter profit expectations with a surge in dealmaking, leading to record revenue in its advisory business. Financial advisory revenue rose 21% to $497 million, with CEO Orszag expressing optimism for future dealmaking activity. Lazard expects private equity to play a larger role in M&A.

Lazard advised on major mergers like the $13.8 billion merger of Belgian healthcare REITs and Italy’s Ferrero’s $3.1 billion deal for WK Kellogg in July. The company hired 14 managing directors in 2025 and aims to double revenue by 2030. Adjusted earnings per share beat estimates at 52 cents.

In asset management, Lazard saw net inflows of $677 million in the quarter, a turnaround from previous outflows. CEO Orszag noted positive net flows and record gross inflows in the first half, signaling progress. Analysts see this as a positive sign for the business. Opportunities for growth in asset management are being explored.

Read more at Yahoo Finance: Lazard’s profit tops estimates on record advisory revenue from dealmaking