Evercore Partners
Encyclopedia
Evercore Partners is an investment bank located in New York City
. Evercore also has an investment management business through which the Company manages private equity
and venture capital
funds for institutional investor
s. The Company was founded in 1996 by Blackstone Group
alumnus Austin Beutner (in 2010, serving as first deputy mayor and Chief Executive for Economic and Business Policy, City of Los Angeles) and Lehman Brothers
, Blackstone Group
, and Clinton Administration alumnus Roger Altman
.
, and the largest M&A deal, in which the firm represented Wyeth
in its $68 billion merger with Pfizer
. The firm had at that time 443 employees and offices in New York, London
, San Francisco, Los Angeles
, Mexico City
, and Monterrey
as well as strategic relationships with Mizuho Financial Group
in Tokyo
, CITIC Group in China
and G5 Advisors in Brazil
.
In earlier years the firm advised AT&T
in its acquisition of BellSouth
(the largest M&A transaction to that date at just under $90 billion); Cendant
on their reorganization and sale of their Travelport business to the Blackstone Group
, and the $41 billion split-up of Viacom
and CBS
Corp.
home of Ralph Schlosstein, the president and CEO of Evercore, and his wife, Jane Hartley, a prominent Democratic donor, gained notice when Sen. Christopher Dodd
(D-CT
) abruptly canceled his plans to attend. The fund-raiser was to support the election campaign of Senator Kirsten E. Gillibrand (D
-NY
). Sen. Dodd, who was not running for re-election, had agreed to come in support of Sen. Gillibrand in her first campaign for the seat to which she had been appointed after Hillary Clinton's appointment as Secretary of State
. However, Sen. Dodd was at the time chief sponsor for the financial reform bill—the prime legislative response to the financial crisis of 2007-2010 to date—and his role in managing the floor debate for the bill was cited as reason for the cancellation. It was also noted that Mr. Dodd's decision occurred after several newspapers ran unflattering stories reporting that he and Ms. Gillibrand would attend the event. Sen. Gillibrand was still scheduled to attend.
Roger C. Altman, Co-Chairman is on the list of attendees of the Bilderberg Conference, held June 3–6, 2010, at Luxury Hotel Dolce Sitges, south of Barcelona.
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
. Evercore also has an investment management business through which the Company manages private equity
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
and venture capital
Venture capital
Venture capital is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as...
funds for institutional investor
Institutional investor
Institutional investors are organizations which pool large sums of money and invest those sums in securities, real property and other investment assets...
s. The Company was founded in 1996 by Blackstone Group
Blackstone Group
The Blackstone Group L.P. is an American-based alternative asset management and financial services company that specializes in private equity, real estate, and credit and marketable alternative investment strategies, as well as financial advisory services, such as mergers and acquisitions ,...
alumnus Austin Beutner (in 2010, serving as first deputy mayor and Chief Executive for Economic and Business Policy, City of Los Angeles) and Lehman Brothers
Lehman Brothers
Lehman Brothers Holdings Inc. was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA , doing business in investment banking, equity and fixed-income sales and trading Lehman Brothers Holdings Inc. (former NYSE ticker...
, Blackstone Group
Blackstone Group
The Blackstone Group L.P. is an American-based alternative asset management and financial services company that specializes in private equity, real estate, and credit and marketable alternative investment strategies, as well as financial advisory services, such as mergers and acquisitions ,...
, and Clinton Administration alumnus Roger Altman
Roger Altman
Roger Charles Altman is an American investment banker, private equity investor and former United States Deputy Secretary of the Treasury who served under Bill Clinton.-Early life and career:...
.
Business Divisions
- Corporate Advisory: Advised SBC/AT&T, CBS/Viacom, Dow Jones, EDS, General Mills
- Restructuring Advisory: Aquila, General Motors
- Evercore Capital Partners: Private Equity
- Evercore Ventures
- Evercore Wealth Management: Chief executive Jeff Maurer is a former CEO of U.S. Trust CorporationU.S. Trust CorporationUnited States Trust Corporation is an American bank holding company based in New York, NY. It is the oldest trust company in the U.S., and provides personal wealth management to some of the wealthiest individuals and families.-History:...
. The division bought investment adviser Morse, Williams & Co. and now has 17 partners and 39 employees, managing $2.8 billion in assets on behalf of high net worth individuals, families and related institutions. .
Recent Activities
Evercore has recently been expanding its advisory business significantly. In 2009, it occupied the number six spot in US M&A transactions, with assignments that included the world’s largest restructuring, involving General MotorsGeneral Motors
General Motors Company , commonly known as GM, formerly incorporated as General Motors Corporation, is an American multinational automotive corporation headquartered in Detroit, Michigan and the world's second-largest automaker in 2010...
, and the largest M&A deal, in which the firm represented Wyeth
Wyeth
Wyeth, formerly one of the companies owned by American Home Products Corporation , was a pharmaceutical company. The company was based in Madison, New Jersey, USA...
in its $68 billion merger with Pfizer
Pfizer
Pfizer, Inc. is an American multinational pharmaceutical corporation. The company is based in New York City, New York with its research headquarters in Groton, Connecticut, United States...
. The firm had at that time 443 employees and offices in New York, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, San Francisco, Los Angeles
Los Ángeles
Los Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...
, Mexico City
Mexico City
Mexico City is the Federal District , capital of Mexico and seat of the federal powers of the Mexican Union. It is a federal entity within Mexico which is not part of any one of the 31 Mexican states but belongs to the federation as a whole...
, and Monterrey
Monterrey
Monterrey , is the capital city of the northeastern state of Nuevo León in the country of Mexico. The city is anchor to the third-largest metropolitan area in Mexico and is ranked as the ninth-largest city in the nation. Monterrey serves as a commercial center in the north of the country and is the...
as well as strategic relationships with Mizuho Financial Group
Mizuho Financial Group
, abbreviated as MHFG, or simply called Mizuho is a banking holding company headquartered in the Ōtemachi district of Chiyoda, Tokyo, Japan...
in Tokyo
Tokyo
, ; officially , is one of the 47 prefectures of Japan. Tokyo is the capital of Japan, the center of the Greater Tokyo Area, and the largest metropolitan area of Japan. It is the seat of the Japanese government and the Imperial Palace, and the home of the Japanese Imperial Family...
, CITIC Group in China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
and G5 Advisors in Brazil
Brazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
.
In earlier years the firm advised AT&T
AT&T
AT&T Inc. is an American multinational telecommunications corporation headquartered in Whitacre Tower, Dallas, Texas, United States. It is the largest provider of mobile telephony and fixed telephony in the United States, and is also a provider of broadband and subscription television services...
in its acquisition of BellSouth
BellSouth
BellSouth Corporation is an American telecommunications holding company based in Atlanta, Georgia. BellSouth was one of the seven original Regional Bell Operating Companies after the U.S...
(the largest M&A transaction to that date at just under $90 billion); Cendant
Cendant
Cendant Corporation was a New York-based provider of business and consumer services, primarily within the real estate and travel industries. In 2005 and 2006, Cendant broke up and spun off or sold its constituent businesses...
on their reorganization and sale of their Travelport business to the Blackstone Group
Blackstone Group
The Blackstone Group L.P. is an American-based alternative asset management and financial services company that specializes in private equity, real estate, and credit and marketable alternative investment strategies, as well as financial advisory services, such as mergers and acquisitions ,...
, and the $41 billion split-up of Viacom
Viacom
Viacom Inc. , short for "Video & Audio Communications", is an American media conglomerate with interests primarily in, but not limited to, cinema and cable television...
and CBS
CBS
CBS Broadcasting Inc. is a major US commercial broadcasting television network, which started as a radio network. The name is derived from the initials of the network's former name, Columbia Broadcasting System. The network is sometimes referred to as the "Eye Network" in reference to the shape of...
Corp.
Political activities
A fund-raiser planned in May, 2010, at the Park AvenuePark Avenue (Manhattan)
Park Avenue is a wide boulevard that carries north and southbound traffic in New York City borough of Manhattan. Through most of its length, it runs parallel to Madison Avenue to the west and Lexington Avenue to the east....
home of Ralph Schlosstein, the president and CEO of Evercore, and his wife, Jane Hartley, a prominent Democratic donor, gained notice when Sen. Christopher Dodd
Christopher Dodd
Christopher John "Chris" Dodd is an American lawyer, lobbyist, and Democratic Party politician who served as a United States Senator from Connecticut for a thirty-year period ending with the 111th United States Congress....
(D-CT
Connecticut
Connecticut is a state in the New England region of the northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, and the state of New York to the west and the south .Connecticut is named for the Connecticut River, the major U.S. river that approximately...
) abruptly canceled his plans to attend. The fund-raiser was to support the election campaign of Senator Kirsten E. Gillibrand (D
Democratic Party (United States)
The Democratic Party is one of two major contemporary political parties in the United States, along with the Republican Party. The party's socially liberal and progressive platform is largely considered center-left in the U.S. political spectrum. The party has the lengthiest record of continuous...
-NY
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
). Sen. Dodd, who was not running for re-election, had agreed to come in support of Sen. Gillibrand in her first campaign for the seat to which she had been appointed after Hillary Clinton's appointment as Secretary of State
United States Secretary of State
The United States Secretary of State is the head of the United States Department of State, concerned with foreign affairs. The Secretary is a member of the Cabinet and the highest-ranking cabinet secretary both in line of succession and order of precedence...
. However, Sen. Dodd was at the time chief sponsor for the financial reform bill—the prime legislative response to the financial crisis of 2007-2010 to date—and his role in managing the floor debate for the bill was cited as reason for the cancellation. It was also noted that Mr. Dodd's decision occurred after several newspapers ran unflattering stories reporting that he and Ms. Gillibrand would attend the event. Sen. Gillibrand was still scheduled to attend.
Roger C. Altman, Co-Chairman is on the list of attendees of the Bilderberg Conference, held June 3–6, 2010, at Luxury Hotel Dolce Sitges, south of Barcelona.
External links
- Evercore Partners (company website)
- Evercore Wealth Management