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Evercore increases profit

US merger advisory boutique Evercore Partners reported quarterly profit slightly below analyst expectations yesterday as expenses rose due to business expansion and deal-related activities. For the first quarter, net income attributable to common shareholders was $2m (£1.3m), or nine cents a share, compared with $191,000, or one cent per share, in the year-ago quarter. Net revenue was up 68 per cent at $85.1m, but lagged analysts’ estimates of $90.2 m. Investment banking revenue – the largest contributor to net revenue – rose to $71.3m from $48.0m in the year-ago period. Expenses in the quarter rose 60 per cent to $77.2m.