Lazard may be known for its banking roots, but in a quiet period for mergers and acquisitions activity globally, the fund management unit within the firm has slowly but steadily come into its own.

Asset management revenues were just under half the firm's $1.7 billion revenue during the first nine months of this year, up from 37% in the same period five years ago. And full-year revenues for the asset management business topped $1 billion in 2013, outshining revenues from advisory and restructuring work for the first time.