CORRECTED-UPDATE 1-Evercore profit doubles on solid investment banking growth
(Corrects paragraph 3 to show that three managing directors were promoted in January, not in the fourth quarter)
* 4th-qtr earnings $0.81/shr vs $0.32 yr-ago
* Rev $214 mln vs $112 mln
* Investment banking rev $195 mln vs $89 mln
Jan 30 (Reuters) - Evercore Partners Inc's quarterly profit more than doubled as the boutique investment bank earned more fees from its investment banking business.
Evercore, founded as a merger and asset management firm in 1996 by former U.S. deputy treasury secretary Roger Altman, has been aggressively hiring senior bankers as it looks to grab a bigger slice of the financial advisory business in a tough M&A market.
The New York-based bank said it hired six senior managing directors to its advisory business, and in January promoted three others internally.
The boutique investment bank's net income rose to $35.3 million, or 81 cents per share, for the fourth quarter ended Dec. 31, from $14.1 million, or 32 cents per share, a year earlier.
Net revenue doubled to $214 million as investment banking revenue jumped twofold to $195 million.
Rival Greenhill & Co Inc reported last week a 4 percent drop in advisory revenue for the year, far less than the 21 percent drop reported by Morgan Stanley, signaling greater momentum for smaller shops even in weak merger markets.
For a Breakingviews column, click
Evercore's shares, which have risen about 13 percent this month, closed at $35.60 on Tuesday on the New York Stock Exchange. (Reporting by Avik Das and Anil D'Silva in Bangalore; Editing by Don Sebastian)
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'
- Four dead in apparent Connecticut murder-suicide
- South Korea expands air defense zone to partially overlap China's |
- Singer Susan Boyle reveals she has Asperger's syndrome: paper
- Winter storm pushes up U.S. East Coast after deep-freeze in the South