Adjusted net income for the fourth quarter of 2011 was $1.43m, or $0.01 diluted earnings per share, compared to $104.45m, or $0.76 diluted earnings per share, for the same period a year ago.
Net revenue for the fourth quarter of 2011 decreased to $451.78m, compared to $594.89m for the same period in the last year.
Asset management operating revenue was $204.4m, down 20%, compared to $255.7m for the same period in the previous year.
Lazard chairman and CEO Kenneth Jacobs said that in the fourth quarter the company experienced a decline in Financial Advisory revenue and a slowdown in Asset Management, primarily caused by lower performance fees.
"The decline in revenues, combined with our discipline on compensation deferrals, led to a drop in our earnings in the fourth quarter," added Jacobs.