Lazard, the independent investment bank, stood out from its bulge bracket rivals today by reporting a jump in both revenues and profits in the third quarter, demonstrating how the advisory model has managed to remain unharmed by the recent slowdown in trading activity.

The US bank has reported net profit has increased 18% compared with the third quarter last year, taking it to $62.2m . Revenues also increased by 10% to $473.3m on the same period last year.