Since Ralph Schlosstein joined it almost exactly 10 years ago, the independent investment bank Evercore has produced a nearly 600% total return and grown its advisory revenue to $1.74 billion from $180 million.
No publicly traded competitor — bulge bracket or boutique — beats Evercore’s performance over the past decade.
But can an independent investment bank ever truly contend with the industry titans Goldman Sachs, JPMorgan, and Morgan Stanley?
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Late last November, an Evercore dealmaker named Paul Stefanick opened his inbox to find it had been hit by a crush of emails.
Not long before, news crossed the wire that United Technologies, an industrials and aerospace conglomerate with $66 billion in sales, would split itself into three separate companies in one of the largest corporate breakups in history.
Stefanick and Roger Altman, the legendary Wall Street rainmaker and Evercore founder, had pulled off the deal together. The effort had sucked up most of Stefanick’s year, and it was the first mammoth transaction he’d spearheaded since joining a little over a year earlier from Deutsche Bank, where he was chairman of the German lender’s global corporate and investment bank.
The wave of messages flooding into …read more
Source:: Businessinsider – Finance