A record third-quarter for revenues helped net profits rise 44% year-on-year at Lazard, with cross-border M&A work identified as a key factor in that growth by the firm's chief executive.

Revenues from traditional M&A and other advisory work - including capital structure activities and sovereign advice - surged 37% year-on-year to $241.2 million in the third quarter. That jump, as well as a 17% year on year increase in advisory fees from capital raising activities, contributed to an overall 24% year-on-year increase in financial advisory revenues to $291.1 million.