Lazard has posted the lowest set of quarterly revenues derived from providing mergers and acquisitions, capital markets and restructuring advice in four years, as the "uneven pace of the mergers and acquisitions markets" took its toll on the business.

The US independent advisory firm this morning posted first quarter operating revenues of $413.7m, down 28% quarter-on-quarter and 17% year-on-year. Net profit, at $37.2m, was down 54% quarter-on-quarter and 17% year-on-year.