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Evercore generates $203m in investment banking revenues

Evercore's net revenues are up 24% year-on-year and the firm expects the momentum to continue.

Evercore Partners’ investment banking division generated $203 million of net revenue during the third quarter, according to the publicly listed firm’s third-quarter earnings report.

“Our record results were driven by our advisory business with significant contributions across multiple industry sectors, including financial services, healthcare, mining, technology and transportation,” president Ralph Schlosstein said in a statement.

The investment banking division grew its net revenues 24 percent year-on-year. The division earned advisory fees from 162 clients in 50 transactions. The advisory fees totalled more than $1 million.

“Based on our current backlog, we fully expect the momentum in our investment banking business to continue through year-end,” Schlosstein added.

Evercore’s secondaries advisory group is led by Nigel Dawn in New York and Nicholas Lanel in London. The group has poached several executives from UBS during the past year, including Dawn and Lanel. In November, former UBS head of European secondaries Rodney Reid will join Evercore.

The bank’s investment management division grew revenues by 2 percent to $24 million from the third quarter of 2013 to the third quarter of 2014. Private equity makes up about 10 percent of the division’s revenues.

Evercore’s total assets under management are $14.5 billion as of 30 September.