Wall Street Journal: Evercore Wealth Builds Up, One Year After Launch

January 25, 2010

Evercore Wealth Management is in growth mode a year after launching during a worst-case-scenario environment, boosting its client assets to $1.5 billion and reached an agreement to buy Morse, Williams & Co., an investment adviser with $190 million in assets under management, said the Wall Street Journal.

The acquisition underscores Evercore's push to become more active in the mergers-and-acquisitions space, while maintaining its small, partnership environment. While Evercore lacks the size of larger players in the wealth-management industry, the firm's clients can interact directly with partners who manage their investments.

Jeff Maurer, chief executive of Evercore Wealth Management, said in an interview that: "we would be very disappointed if we didn't reach $5 billion in assets under management in five years."

In a statement, Ralph Schlosstein, chief executive of Evercore Partners, said: "we expect our wealth management business to continue to grow at a rapid pace."