Lazard has awarded Bruce Wasserstein a new five-year contract after the independent advisory firm reported record profits on the back of a surge in its financial advisory and asset management businesses.

Under the terms of his new contract Wasserstein, who led Lazard to its initial public offering in May 2005, will receive a salary of $900,000 per year and has been granted a total of 2.7m restricted stock units which will vest when the contract expires at the end of 2012.