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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.
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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)
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