Wealth Management Fees Surge At Evercore Partners

Tom Burroughes

3 February 2011

Evercore Partners, the US-listed financial services firm, said its wealth management fees surged by more than twice to $9.826 million from $3.903 million in 2009, while total fees at the firm rose to $69.733 million from $28.74 million in the previous year.

The firm, which is the parent of Evercore Wealth Management, said it logged, across all divisions, net revenues of $376 million in the full year, up by 20 per cent on 2009.

In November last year, Evercore Wealth Management was reported to be on target to reach a goal of having $5 billion in assets under management within five years, not including acquisitions. As at mid-November, it had $2.2 billion in AuM and more than 250 clients, some of whom came with the acquisition of New York investment advisor Morse Williams & Co. earlier in 2010. The acquisition added $190 million in assets. Approximately 75 per cent of clients came from US Trust.