Lazard AM sees profits tumble 75% across UK business

Lazard Asset Management's UK business has seen profits fall sharply by 75% in 2012 following a rise in outflows as well as a jump in costs.

The group, which offers a range of UK and global funds run by managers including Alan Custis and Pat Ryan, said profits after tax had fallen from £9.3m in 2011 to £2.3m in 2012. The drop in profits follows a tough year for the group, which saw over £900m in outflows, dragging average assets under management across the group's fund range down 6%. Year-end AUM at the business nonetheless rose thanks to market movements, with total AUM up 3% to £12.6bn by the end of 2012. Market movements added over £1bn, countering outflows of £929m. Total turnover, meanwhile, fell from £100m in 2011...