Bigger is sometimes better for a boutique.
Evercore Partners, swelling with new hires, posted $14.6 million profit for its most recent quarter this morning, a 33% increase over the year-earlier period.
At the same time, the New York-based i-bank set aside 29% more for compensation in the first 9 months of the year, keeping its compensation-to-revenue ratio hovering around 62%, which is rare air, even for Wall Street.
Evercore did not put out new headcount numbers, but at the end of June it had 552 people on its payroll, 36% more than it did a year earlier.
A lot of those folks are filling new roles at Evercore, as the firm spreads from tradition M&A into money management and cash equities. But it was Evercore's bread and butter -- advising on acquisitions and restructuring -- that won the day.
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