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Evercore Eyes West Coast Growth With San Francisco-Based Acquistion
Evercore Wealth Management is expanding its footprint across the West Coast with the acquisition of Mt Eden Investment Advisors, a San Francisco, CA-based wealth management firm with $645 million in assets under discretionary management.
Financial terms of the deal were not disclosed but the transaction is expected to close in the final quarter of the year.
As part of the move, the firm has named three new partners from Mt Eden - two in San Francisco and one in Los Angeles - bringing its number of partners serving high net worth individuals, families and related institutions along the West Coast to seven, with 25 partners across the US overall.
Evercore's new partners
Upon completion of the transaction, Keith McWilliams, founder, chief executive and chief investment officer, will head the combined business on the West Coast, reporting to Evercore CEO Jeff Maurer. Prior to founding Mt Eden in 2004 with John Packard, McWilliams was a managing director and principal at Weiss, Peck & Greer, responsible for the West Coast private client group. He has 25 years of experience in the financial services industry.
Meanwhile, Tim Barrett, a founding principal at Mt Eden responsible for the custom core equity investment management strategies, serves as lead portfolio manager for many of the firm's relationships. Barrett was formerly a portfolio manager at Weiss, Peck & Greer and Sand Hill Advisors.
Lastly, Michael O'Brien was latterly a senior portfolio manager and principal, allocating private client assets across core and satellite strategies. Prior to joining Mt Eden in 2008, he served HNW families at BNY Mellon Wealth Management.
"Our clients will benefit from complementary investment capabilities and a breadth of planning and trust offerings, while retaining a direct and personal relationship with their advisors," said Keith McWilliams, founder of Mt Eden.
Evercore Wealth Management is a subsidiary of Evercore Partners. It is a registered investment advisor, with offices in New York, Minneapolis, MN, and San Francisco. As of end-September, the firm had $33.2 billion in assets under administration.
