Lazard third-quarter profit falls as AUM shrinks amid market rout By Reuters


© Reuters. FILE PHOTO: The logo and trading information for Lazard Ltd appear on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 24, 2019. REUTERS/Brendan McDermid

(Reuters) – Investment bank Lazard (NYSE:) Ltd on Thursday reported a fall in third-quarter profit as the global market rout shrank the value of assets under management.

The U.S. bank’s adjusted net income fell to $106 million from $111 million a year earlier.

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