The firm is broadening its client base through new hires and initiatives including wealth management, chief executive Bruce Wasserstein said in a statement yesterday.

Operating revenue was $398.8 million for the second quarter of 2009, compared to $494.0 million for the second quarter of 2008 and $272.9 million for the first quarter of 2009.

Assets under management at the end of the second quarter of 2009 were $98.0 billion, representing a 21 per cent rise from 31 March this year.

“We have continued to have strong net inflows in the month of July, aggregating $2.3 billion so far this month,” the firm said.

In June, Thaddeus Shelly joined Lazard to lead a newly formed wealth management subsidiary of Lazard in the US. Lazard Wealth Management will provide customized investment management and financial planning services to high net worth investors.