Lazard Fourth-Quarter Profit Falls 36%

NEW YORK -- Asset manager and financial advisory firm Lazard (LAZ Quote) said Wednesday that its fourth-quarter earnings fell 36% as revenue and assets under management declined amid market turmoil.

For the final three months of the year, the company reported net income of $38 million, or 50 cents per share, compared with $59.1 million, or $1.04 per share, a year earlier.

Despite the decline, results managed to beat analysts' expectations for earnings of 42 cents per share, according to a poll by Thomson Reuters.

Shares jumped $2.63, or 10%, to $28.63 in morning trading. ...