Lazard, the independent investment bank which came to market on May 5, today failed to match market forecasts when it reported net profits up 29% to $32m (€25.9m) in the three months to June 30. Shares fell 1.23%.

The bank said increased mergers and acquisitions activity had helped drive the increase in profits, which amounted to 32 cents a share. Analysts had forecast 33 cents a share.