Strategic Advisory operating revenue was $605 million, 1% lower than the first nine months of 2011. This included a 5% increase in M&A revenue compared to the prior-year period.

Restructuring operating revenue was $135 million, 10% higher than the first nine months of 2011, reflecting the closings of several large assignments, primarily during the first quarter of 2012.

Asset Management

Third Quarter

Asset Management operating revenue was $220 million in the third quarter of 2012, 7% higher than the second quarter of 2012 and 2% higher than the third quarter of 2011. Net inflows were $1.8 billion in the third quarter.

Management fees during the period totaled $202 million, reflecting a 4% increase compared to the second quarter of 2012 and a 1% increase compared to the prior-year period. The sequential increase was driven primarily by growth in assets under management (AUM).

Incentive fees during the period totaled $11 million, a $7 million increase from the second quarter of 2012 and a 13% increase compared to the prior-year period.

AUM was $160 billion as of September 30, 2012. AUM was up 8% from June 30, 2012, primarily reflecting market appreciation, foreign exchange adjustments and net inflows. Average AUM in the third quarter was $157 billion.

We are winning significant new mandates in all our major platforms from clients around the world. A sample of these new mandates is reflected in our investor presentation on our website. In the third quarter, Lazard Asset Management continued to expand its global footprint with the opening of an office in Zurich.

First Nine Months

Asset Management operating revenue was $637 million in the first nine months of 2012, 6% lower than the first nine months of 2011.

Management fees were $597 million in the first nine months of 2012, 5% lower than the first nine months of 2011, primarily reflecting a shift in product mix. Average AUM for the first nine months of 2012 was $153 billion, unchanged compared to the first nine months of 2011. Net inflows were $3 billion for the first nine months of 2012.

If you liked this article you might like

Neiman Marcus Says It No Longer Plans to Sell Itself

Morgan Stanley, Kirkland Two Busiest Dealmakers in First Quarter

Neiman Marcus Exploring 'Strategic Alternatives'

Neiman Marcus Said to Hired Investment Bank for Debt Relief

Trump Cabinet Picks Could Upend Corporate Boards