US bank Evercore back in the black after deal numbers rise

Michael Bow
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BOUTIQUE investment firm Evercore Partners, the outfit advising on the sale of Dell, yesterday said it swung to a profit of nearly $6m (£3.9m) this quarter, reversing a loss made last year.

The result is the New York firm’s best first quarter ever and reverses a $3.4m loss posted a year ago.

Investment bank revenues rose 47 per cent compared to the same period 12 months ago to $131.6m.

Its investment bank had a hand in 26 deals this quarter versus 17 in the first quarter last year.

“Evercore continues to grow in 2013, despite a murky market environment, and our backlog remains strong,” Roger Altman, executive chairman, said.

The company, set up in 1996 by Altman, the former US deputy treasury secretary, said its banker pay to revenue figures dropped to 59.8 per cent from 64.1 per cent a year ago.