Financial Results

Operating Income Down At Evercore's Investment Management Unit In Q3

Eliane Chavagnon Deputy Editor - Family Wealth Report 24 October 2013

Operating Income Down At Evercore's Investment Management Unit In Q3

Operating income at Evercore Partners' investment management division ended the third quarter of 2013 at $4.1 million, down from $5.5 million at end-June 2013. Operating income is up year-on-year, however, from $2 million.

In this division, Evercore Partners reported net revenues of $25.8 million for Q3 2013, down from $26.5 million at the end of June 2013. As of September 30, 2013, the unit reported $14.2 billion in assets under management, up 5 per cent from the previous quarter.

Investment advisory and management fees of $20.7 million, meanwhile, fell from $22.1 million in the second quarter. These fees are up year-on-year however from $18.6 million. Evercore said that higher higher fees in wealth management and private equity were partially offset by declines in institutional asset management.

Investment management’s first quarter expenses were $21.7 million, up 14 per cent compared to the third quarter of 2012 and 4 per cent compared to the previous quarter. This was driven principally by higher levels of compensation, the firm said. Year-to-date investment management expenses were $63.4 million, up 9 per cent from a year ago.

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