Lazard swung to a first quarter profit yesterday as higher asset management fees and an 11% boost in mergers and acquisitions revenue again offset a steep plunge in restructuring assignments.

The mid-sized investment bank, whose main business is advising corporations, posted record assets under management, which climbed by nearly one fifth to $160.5bn from $135 bn a year earlier. The firm's asset management fees rose 28% to a quarterly record of $206.8m as it added $700m in net inflows.