The US-based asset management and financial advisory firm Lazard said yesterday it reported total revenue of $899.8 million for the first half of 2010, showing a rise of 32 per cent compared to the first half of 2009.

Asset management operating revenue increased by 58 per cent to $370.9 million in the first six months of the year against $234.5 million for the comparable period in 2009, the firm said in a statement.

On the financial advisory side of the business, which covers mergers and acquisitions, strategy, restructuring and capital markets, operating revenue increased 24 per cent in the first six months of 2010 to $514.7 million from $416.6 million. 

The New York based firm said its net income rose sharply to $114.5 million for the first half of 2010, compared to $13.5 million at the same time in 2009.

On 30 June 2010 the firm's assets under management stood at $123.5 billion, of which 3 per cent was alternative investments, and represented a 26 per cent increase from $98 billion on 30 June 2009. Its asset management net inflow stood at $5 billion in the first half of 2010, with $2.1 billion coming from the second quarter.

The report stated a 9 per cent drop to $123.5 billion in AuM compared to a first quarter AuM of $135 billion. According to its statement, Lazard believes the loss of AuM in the second quarter was primarily due to adverse market and foreign exchange movements.

Compensation and non-compensation expenses increased 22 per cent and 14 per cent respectively, the firm said.