Lazard’s asset management unit contributed more in quarterly revenues than its financial advisory business for the first time since its flotation, as the firm that is best-known as an independent M&A and restructuring house announced plans to target $125m in annual cost savings.

Lazard this morning reported operating revenues, calculated on a non-GAAP basis, of $443m for the three months to September 30, which was down around 2.6% from the quarter previous. Net profit of $35.4m, calculated on a non-GAAP basis, was up marginally on the quarter previous quarter, but down a third on a year earlier.