Third-quarter net profits at Lazard surged nearly 75% from a year ago to $61.7 million, chiefly on the back of its asset management business which continued to show strong growth.

Net profits in the three months to September 30 rose by 74.5% from $35.4 million in the third quarter last year to $61.7 million, leaving profits for the first nine months of this year at $158.8 million, up 40% from a year earlier, Lazard said today in its quarterly results statement.