Lazard looks set to make a £20m (€28.8m) profit by merging its Panmure Gordon UK broking subsidiary with Durlacher, a UK broking boutique.

Lazard effectively bought Panmure from German bank WestLB for $1.58m (€1.21m) in legal fees a year ago, according to the S-1 filing which Lazard lodged with the SEC late last year.

Victor Kremer

Lazard

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The private-equity firm’s profit rose amid what its executives called the best environment for selling assets in years.

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