Evercore profit doubles on solid investment banking growth
(Reuters) - Evercore Partners Inc's (EVR.N) 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 December 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 (GHL.N) 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.
Evercore's shares, which have risen about 13 percent this month, closed at $35.60 on Tuesday on the New York Stock Exchange.
(This story was fixed to correct paragraph 3 to show that three managing directors were promoted in January, not in the fourth quarter)
(Reporting by Avik Das and Anil D'Silva in Bangalore; Editing by Don Sebastian)