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Lazard profit slump smaller than expected

NEW YORK, Oct 31 (Reuters) - Investment bank Lazard on Thursday reported a lower than expected 21% drop in third-quarter adjusted net income.

Lazard, the business of which is split between financial advisory and asset management, posted net income of $88 million. That was short of the $111 million in the same period last year but beat analyst expectations for $82.2 million, Refinitiv data shows. (Reporting by Joshua Franklin in New York Editing by David Goodman)