Overview
Evercore Partners is a
boutique advisory investment bank based in New York. It provides advisory services to multinational
corporations on mergers, acquisitions, divestitures, restructurings and other transactions. Evercore's
investment management business includes private equity funds, institutional assets and wealth management
services.
The company is finding a niche between big banks such as JPMorgan Chase & Co. and the smaller investment banks. It is building out a capital-markets business and an equities unit with trading and sales, underwriting and equity origination, as well as adding an equity-research division for corporate clients and institutional investors. It will focus in its initial industry research on two big sectors: financial institutions and the technology-media-telecommunications space.
Founder and chief executive Roger Altman is a former assistant and deputy secretary of the
U.S. Treasury, having served under the Carter and Clinton administrations, and, along with cofounder Austin
Beutner, is an alumni of The Blackstone Group. Evercore's new President and Chief Executive Ralph Schlosstein is a cofounder of BlackRock Inc. Evercore is reported to be populated with
bankers from the major Wall Street houses and to emphasize a culture of teamwork.
The company has plans to grow its wealth management business, Evercore Wealth Management, which launched in 2009 and has 36 employees and 16 partners. The unit's chief executive Jeff Maurer is a former CEO of U.S. Trust Corp. who brought several executives and wealth advisers from the firm along with him. It recently bought investment adviser Morse, Williams & Co. The business is meant to have the look and feel of an old-line investment-counseling firm. It puts portfolio managers at the forefront of client relationships, and provides a blend of in-house and third-party investment management as well as financial and estate planning and trust services. Another recent acquisition was the London-based fund-placement business of Neuberger Berman, which will operate as Evercore private funds group and add three U.S. employees. It also entered into a strategic alliance with Trilantic Capital Partners to strengthen its asset management business, particularly its European operations.
Recruiting
Evercore grew its headcount by nearly a third in 2009. The firm will likely hire 35 to 40 people over the next year as part of its expansion into equities.
Evercore's analyst and associate programs are designed to expose participants to range of
experience, as well as to senior client executives and firm partners. Review the firm's latest press releases
to get acquainted with the firm's leaders and its clients.