The firm said management fees of $258 million were a “quarterly record” - 18 per cent higher than the second quarter of 2013, primarily reflecting the change in average AuM, and 8 per cent higher than the first quarter of 2014. Incentive fees during the period were $16 million, “substantially unchanged” from the second quarter of 2013.

Average AuM for the second quarter of 2014 was $199 billion, 18 per cent higher than average AuM in the second quarter of 2013, and 7 per cent higher than the first quarter of 2014.

AuM as of June 30, 2014, was $205 billion, up 25 per cent from the second quarter of 2013 and up 8 per cent from March 31, 2014. This was driven by market appreciation and net inflows of $4.7 billion, the firm said.

Net inflows were driven by a range of equity and fixed income strategies across the firm’s global distribution channels.

Lazard is a financial advisory and asset management firm operating from 43 cities across 27 countries in North America, Europe, Asia, Australia, and Central and South America.

The firm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments and individuals.