Lazard posted fourth-quarter adjusted earnings that outpaced analyst forecasts, the firm said, as momentum in both its advisory and asset management arms supported revenue gains. The bank announced that Tracy Farr, an internal candidate, will assume the role of chief financial officer effective Feb. 1.
For the three months ended Dec. 31, Lazard recorded adjusted earnings of $0.80 per share. That result was ahead of the average analyst forecast of $0.69 per share, based on estimates compiled by LSEG.
Advisory revenue on an adjusted basis rose 7% in the quarter to $542 million, reflecting a pickup in deal activity. Wall Street bankers have signaled expectations of continued momentum this year, citing pent-up corporate demand, record-high equity markets and lower interest rates as factors that could foster more transactions. Executives at major banks earlier this month reported that deal pipelines remained active.
On the asset management side, Lazard reported average assets under management of $261 billion at the end of the quarter, up from $234 billion a year earlier. The firm said AUM increases were driven in part by a broad equity rally that pushed major indexes near record levels, raising portfolio values and supporting investor confidence. That stronger risk appetite has encouraged investors to move back into a wider set of asset classes.
Adjusted revenue from the asset management business grew 18% to $339 million. Overall, Lazard’s total adjusted revenue for the quarter rose 10%.
"Efforts to transform both businesses over the past two years are gaining traction and delivering results," Lazard CEO Peter Orszag said.
The firm also highlighted changes in its finance leadership. Tracy Farr most recently worked as a managing director in Lazard’s capital structure advisory group and served as a senior member of the corporate development and strategy team, where she worked closely with executive management. Farr will replace Mary Ann Betsch, who will remain with the company in a senior advisor role to assist with the transition.
Separately, industry-wide data from Dealogic showed that global investment banking revenue exceeded $100 billion in 2025, a sign of the broader recovery in dealmaking after several challenging years affected by higher interest rates and market volatility.
Looking ahead, Lazard’s results reflect both the near-term benefits of stronger markets and the early returns on management’s multi-year transformation efforts. The company’s performance in advisory and asset management positions it to participate in any sustained increase in deal activity and investor risk-taking, while leadership continuity through an internal CFO appointment is intended to support execution during the transition.