On Wall Street, money talks. On that basis, Lazard's performance since its flotation two years ago has been a triumph. Its share price has risen 85 per cent and its stock is valued at a substantial premium to that of most of its rivals.
But just how vulnerable is the venerable mergers and acquisitions advisory business? It had a disappointing first quarter, which Lazard attributed to a lumpy distribution of fee income towards the second half of the year. But its efforts to rebuild its asset management business appear to be bearing fruit.
