Evercore profit falls 39% in second quarter
Evercore Partners Inc., an investment banking and advisory firm which has been steadily building up its wealth management business, saw its net income drop to $3.55 million in the second quarter, compared with $5.8 million for the year-earlier period.
Evercore Partners Inc., an investment banking and advisory firm which has been steadily building up its wealth management business, saw its net income drop to $3.55 million in the second quarter, compared with $5.8 million for the year-earlier period.
However, the firm’s net revenue for the second quarter rose 21%, to $71.3 million.
The New York-based firm has been attracting attention in the wealth management world for its aggressive build-out since launching Evercore Wealth Management last November.
In June, it opened a west coast office in San Francisco and added four new partners and a senior adviser.
In the spring, Evercore launched a new trust division, headed by Chuck Wert, to work with wealthy clients and acquired Charlotte, N.C.-based Bank of America Inc.’s special-fiduciary-services unit.
And in December, Evercore hired a number of former U.S. Trust Corp. wealth managers. Jeffrey Maurer, chief executive of Evercore Wealth Management, is a former chairman and chief executive of U.S. Trust, now a unit of Bank of America.
Evercore Wealth Management has approximately $1 billion in assets under management.
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