UPDATE 2-Evercore Partners swings to Q2 net profit

(Recasts; adds conference call details, analyst comments, share movement)

By Ratul Ray Chaudhuri

BANGALORE, July 24 (Reuters) - Evercore Partners Inc (EVR.N), a top U.S. merger advisory boutique, swung to a second-quarter profit, helped by higher advisory revenue, and said it was looking to capitalize on its restructuring business as more companies struggle through the credit crunch.

The company, which advises on large mergers and acquisitions, is trying to boost the growing restructuring business that helps companies reorganize their finances.

In June, it hired restructuring adviser Daniel Celentano, former head of global financial restructuring at Bear Stearns.

The restructuring business could account for 20 percent to 25 percent of advisory revenue in the long term, Evercore Chief Executive Roger Altman said in a conference call.

He also believes the company's M&A advisory business is "one with long-term growth dynamics," given the pace of globalization and entry of countries like China and India into the global M&A mainstream.

Banc of America Securities analyst Michael Hecht said the company is "better positioned going forward to participate in what we continue to believe will be a solid pace of strategic M&A activity."

Meanwhile, the company wants to boost investment management revenue, which comprises revenue from private equity and public securities business.

In the second quarter investment management revenue fell 77 percent to $1.8 million, and Evercore is looking to bolster the segment by entering the wealth management business in Europe and North America.

Evercore, which wants to seek a balance between its advising practice and investing business, recently acquired a 50 percent stake in London-based asset manager Pan-Asset Capital Management for $14 million.

The company will make more such agreements before the end of this year, Altman said.

"We expect that our expansion will give Evercore a more diversified and a profitable investing platform for 2010," he said.

PROFIT MISSES STREET

For the second quarter, net income was $2.1 million, or 16 cents a share, compared with a loss of $44.2 million, or $4.68 a share, for the year-ago period.

Adjusted pro forma net income was $5.8 million, or 17 cents a share, compared with income of $15.5 million, or 47 cents a share, a year earlier.