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Lazard Profit Beats Estimates

Lazard Ltd's beats estimates for its fourth-quarter profit. The Investment bank reported a profit of $104.5 million, or 76 cents per share, compared with a year-earlier loss of $54.9 million, or46 cents a share. Its asset management revenue jumped 25 percent from the year-earlier quarter. According to the bank it attracted net new investments of $3.2 billion in the fourth quarter, contributing to a record $155.3 billion in assets under management. Assets under management rose 8 percent from the third quarter. Its revenue in the fourth quarter jumped 19percent to $610.1 million.