Full-year revenues at Lazard's asset management division topped $1 billion for the first time in 2013 and in doing so outstripped the bank's traditional advisory and restructuring business – another first.

The US financial services group today reported that record management fees from asset management helped to more than offset declines in financial advisory revenue, driving total revenues of $2 billion last year. This was up 3% on 2012. Net profits rose 38% over the period to $269 million.