INVESTMENT banking advisory firm Evercore has blamed delays in finalising a number of big deals for a swing in its quarterly results, with revenues down two per cent on last year and net income up 44 per cent.
Chief executive Ralph Schlosstein said the advisory business “grew only modestly” in the quarter, though the company is optimistic about a backlog of work in deals and underwriting.
“It’s evident that the M&A environment is becoming healthier,” added founder Roger Altman.
Revenues fell to $149.1m (£88.9m) while net income from continuing operations totalled $13.4m. The company advised Sun Pharma and Chrysler’s independent board in the period. Employee compensation fell 10 per cent on last year to $91.4m.