Lazard Ltd. (NYSE:LAZ) Q1 2017 Earnings Conference Call - Preliminary Transcript
Apr 27, 2017 • 08:00 am ET
Good morning, and welcome to Lazard's First Quarter 2017 Earnings Conference Call. This call is being recorded. At this time all participants are in a listen-only-mode. Following the remarks, we will conduct a questions-and-answer session. Instructions will be provided at that time. [Operator Instructions] At this time I will turn the call over Judi Frost Mackey, Lazard's Director of Global Communications. Please go ahead.
Judi Frost Mackey
Thank you. Good morning, and thank you for joining our conference call to review Lazard's results for the first quarter of 2017. Hosting the call today are Kenneth Jacobs, Lazard's Chairman and Chief Executive Officer; and Matthieu Bucaille, Chief Financial Officer. A replay of this call will be available on the Lazard website beginning today by 10:00 AM Eastern Daylight.
Today's call may contain forward-looking statements. These statements are based on our current expectations about future events and are subject to known and unknown risks, uncertainties and assumptions. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.
These factors include, but are not limited to, those discussed in Lazard's filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Lazard assumes no responsibility for the accuracy or completeness of any of these forward-looking statements. Investors should not rely upon forward-looking statements as predictions of future events. Lazard is under no duty to update any of these forward-looking statements after the date on which they are made.
Today's discussion may include certain non-GAAP financial measures. A description of these non-GAAP financial measures and their reconciliation to the comparable GAAP measures are contained in our earnings release, which has been issued this morning.
For today's call, we will focus on highlights of our performance. The details of our earnings can be found in our press release issued this morning and in our investor presentation, both of which are posted on our website. Following their remarks, Ken and Matthieu will be happy to answer your questions.
I will now turn the call over to our Chairman and Chief Executive Officer, Ken Jacobs.
Kenneth Marc Jacobs
Good morning. We have started the year with strong results for clients and shareholders. Lazard achieved record first-quarter operating revenue of $624 million, with record first quarters in Financial Advisory and Asset Management. These results underscore the power of our business model, the breadth and depth of our global franchise and the value we create for clients.In Financial Advisory, operating revenue reflected solid performance across the business. In M&A we continue to advice on large, complex and cross-border strategic transactions including three of the ten largest announcements in the first quarter. We have increased our market share in M&A globally with especially high levels of activity in Europe.
Restructuring had a strong first quarter with the completion of some large assignments. We won significant new mandates as well and were ranked as number one advisor globally in