(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 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
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
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
(Reporting by Avik Das and Anil D'Silva in Bangalore; Editing
by Don Sebastian)