M&A deals up Evercore profit

BOUTIQUE Wall Street investment bank Evercore Partners has made a $2.3m (£1.4m) second-quarter profit as it benefited from a rebound in M&A.

Evercore, which bought City advisory firm Lexicon Partners last month for £86m, said revenues more than doubled to $142m in the quarter, beating expectations for $135m.

But its adjusted pro forma $0.43 earnings per share missed market expectations for $0.44.

Evercore has advised on deals including AT&T’s $39bn takeover of Deutsche Telekom-owned T-Mobile USA this year.