NEW YORK, Sept 6 (Reuters) - Making its Midwest debut, Evercore Wealth Management hired six new partners who were employed at wealth manager Lowry Hill to open a Minneapolis branch, the firm said on Tuesday.
The new contingent joins a unit of investment banking boutique Evercore Partners Inc (EVR.N) and a business that had until now been focused on New York and San Francisco. The Midwest team brings the unit’s count to 23 partners.
“It gives us a significant foothold in the U.S.,” Evercore Wealth Chief Executive Officer Jeff Maurer told Reuters. “Having six non-U.S. Trust partners with their own individual expertise adds to our franchise capabilities.”
Evercore Wealth primarily has been built up from former U.S. Trust portfolio managers. Maurer, a former CEO of U.S. Trust, runs the nearly three-year-old division and recruited his colleagues back in 2008 when Evercore Partners Inc first launched the unit.
U.S. Trust, once one of the country’s largest private banks and wealth managers, has seen dozens of advisers and billions in assets flee as it twice changed ownership in the past decade.
The movement of Evercore’s new team from private asset management firm Lowry Hill, a division of Wells Fargo Bank (WF.N), mirrors the recruitment of Evercore’s base team by Maurer from U.S. Trust. Evercore Wealth manages $2.9 billion in assets, nearly doubling since last year.
“Our clients want to be a part of a boutique firm, not a big bank,” said Martha Pomerantz, former co-chair of Lowry Hill’s investment committee and new co-manager of Evercore’s Midwest office, in an interview.
She said the Midwest U.S. region offers Evercore access to smaller businesses that do not want to go to “the coasts” for money management.
Pomerantz will run the team with Julie Krieger, former chief financial officer at Lowry Hill.
Joining the two will be Lowry Hill wealth advisers Pam Lundell and Stacie Price, along with portfolio manager Michael Seppelt. Rounding out the group will be Jason Anderson, former chief technology adviser at an investment advisory firm.
The former Lowry Hill team, which will report directly to Maurer, brings its close-knit culture to Evercore.
“We’ve worked together for 10 to 15 years; we know each other well,” Pomerantz said. “In my opinion, we took the absolute top people from the firm.”