Independent advisory house Lazard, which in June received the backing of activist investor and its largest external shareholder Nelson Peltz, posted a 9% decline in revenues in the second quarter, as compensation costs took their toll.

Lazard published its figures for the three months to June 30 in accordance with the non-US Generally Accepted Accounting Principles, or GAAP, this afternoon. They showed a 9% quarter-on-quarter decline in operating revenues to $455.2m.