Operating Income Skyrockets At Evercore's Investment Management Unit In Q1

Eliane Chavagnon

24 April 2013

Operating income at Evercore Partners' investment management division ended the first quarter of 2013 at $2.2 million, having jumped from $171,000 at end-December 2012. Year-on-year, operating income rose from $1.4 million.

In this division, Evercore Partners reported net revenues of $23 million for Q1 2013, up from $20.4 million at the end of December 2012.

As of March 31, 2013, Evercore’s investment management unit reported $12.7 billion in assets under management, up 5 per cent from the fourth quarter as a “market appreciation of $0.7 billion was partially offset by net outflows of $0.1 billion during the quarter,” the firm said in its latest earnings release.

Investment advisory and management fees of $19.2 million for the first quarter increased from $18.6 million at the end of 2012. These fees were also up year-on-year from $18.7 million. Evercore said that higher fees in wealth management and private equity were offset by declines in institutional asset management.

Investment management’s first quarter expenses were $20.8 million, up 9 per cent compared to the first quarter of 2012 and 3 per cent compared to the previous quarter.