(Reuters) -Lazard, an investment bank (NYSE) Ltd broke the Wall Street quarterly profit estimates on Thursday. The higher fees charged by financial advisory helped to cushion the loss from lower asset administration.

Lazard, one of the world’s top 10 M&A advisers, reported adjusted net income of $115 million, or $1.05 per share, for the first quarter, compared with $101 million, or 87 cents per share, a year earlier.

According to Refinitiv’s IBES data, analysts had an average profit estimate of 88c per share.

The company’s profit was also boosted by a string of high-profile mergers and acquisitions that it advised on in the first quarter, such as M&T Bank Corp (NYSE:)’s $7.6 billion takeover of People’s United Financial and Prudential Financial (NYSE:)’s $3.55 billion sale of its full-service retirement business.

Lazard’s robust performance in financial advisory bucks the trend of Wall Street investment banks JPMorgan Chase & Co (NYSE:) and Goldman Sachs (NYSE:) which reported a sharp plunge in profits as dealmaking dried up.

The U.S. investment bank is better poised to weather a sharp pullback in M&A due to its large restructuring practice, Lazard said, adding that it has worked on several recent bankruptcies in oil companies such as Rockall Energy, Seadrill Limited, and Stoneway Capital.

Lazard reported an increase of 5% in net revenue to $716.1 millions for the March 31 quarter. Operating revenue increased by nearly 8 percent to $699million.

Revenue from financial advice grew 22%, to $388 Million. However, revenue from asset management fell close to 5% to $112 million because of skittish investment decisions.

In addition to the $385 million that was spent on compensation, $409 million were incurred by the company for other benefits.