NEW YORK (Bloomberg) — Lazard Ltd., the investment bank led by Bruce Wasserstein, said first-quarter profit rose 4.9 percent, falling short of analysts' estimates as the firm advised on fewer mergers and acquisitions.Earnings increased to $55 million, or 47 cents a share, from $52.5 million, or 51 cents, a year earlier, the New York-based company said yesterday in a statement. The average estimate of four analysts surveyed by Bloomberg was 59 cents a share, with predictions ranging from 55 cents to 63 cents.

Lazard's advisory revenue, unchanged from a year earlier, trailed the 17 percent jump at Goldman Sachs Group Inc., the world's biggest securities firm, and a 10 percent gain at Morgan Stanley, the No. 2 firm. While 60 percent of Lazard's revenue comes from advising companies, the same business provides less than 7 percent of revenue at Goldman and Morgan Stanley.

"Deal-making is feast or famine," said Benjamin Wallace, who helps manage $725 million at Grimes & Co. in Westborough, Massachusetts. With firms that focus on providing M&A advice "you should expect volatility," he said.

Shares of the 159-year-old company fell 55 cents, or 1 percent, to $53.35 in composite trading on the New York Stock Exchange at 4 p.m.