Evercore storms to profit surge after strong M&A record

 
Michael Bow
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BOUTIQUE Wall Street investment bank Evercore Partners stormed to a massive rise in quarterly profits yesterday, posting one of its strongest ever quarters.

Net revenues rose 20 per cent for the quarter versus the same period last year, while profits more than doubled to $16.4m (£10.7m) for the three months ending June.

“Completed M&A assignments and capital-markets advisory assignments contributed to our strong second-quarter investment-banking results,” chief executive Ralph Schlosstein said.

Its investment bank unit recorded a 19 per cent rise in revenues while its investment management division posted a 27 per cent surge.

Company shares hit a record high of $45.29 last night, rising 2.5 per cent on the news.

The bank, founded by former US deputy treasury secretary Roger Altman, has made a name for itself taking market share from its bigger Wall Street rivals.