Asset allocation vehicles are a big and growing part of the financial advisory business.

Revenue from the mergers and acquisitions advisory business was up 66 percent, to $122.3 million.

The commission charged is usually lower than for advisory and discretionary business.

The structured finance advisory business generated 23% of the company's net revenue.

Earnings from the corporate finance and advisory business fell by the same magnitude, to $109 million.

Morgan Stanley was the clear winner in the global advisory business.

Since 2005, Lazard has pursued an aggressive expansion of its financial advisory business.

In particular, the firm's investment bankers have been doing well, with the advisory business up 19 percent compared with the quarter a year ago.

The firm's financial advisory business recorded net revenue of $730 million, a record for any quarter.

Revenue in the bank's financial advisory business, which includes restructuring and strategic advice, was up 24 percent to $262 million.