Evercore Partners Inc., the advisory firm founded by former U.S. Deputy Treasury Secretary Roger Altman, said second-quarter profit more than doubled as investment-banking revenue climbed.
Net income was $16.4 million, or 44 cents a share, compared with $7.93 million, or 25 cents, a year earlier, the New York-based firm said today in a statement. Excluding some items, profit was 65 cents per share, beating the 55-cent average estimate of seven analysts surveyed by Bloomberg.
Global merger and acquisition volume increased 4 percent in the second quarter from the first three months of 2013 to $501.4 billion, according to data compiled by Bloomberg. Evercore, run by Chief Executive Officer Ralph Schlosstein, is advising on some of the biggest announced takeovers this year, including Dell Inc. on its proposed buyout by founder Michael Dell and Silver Lake Management LLC.
“Completed M&A assignments and capital markets advisory assignments contributed to our strong second-quarter investment banking results,” Schlosstein said today in the statement.
Adjusted revenue from investment banking rose 19 percent to $180.3 million, according to the statement.
Evercore shares rose 3 percent to close at $44.18 yesterday in New York. The company has gained 46 percent this year, compared with the 24 percent jump in the Russell 2000 Index.
Evercore is starting a private capital advisory business, scheduled for the second half of this year, aimed at secondary transactions for private funds, the firm said earlier this month. The company runs a private-funds group that provides advice on capital raising and private-equity investments for clients including general partners.
Greenhill & Co., the advisory firm founded by Robert Greenhill, said last week that second-quarter profit surged sevenfold to $15.5 million. Chief Executive Officer Scott Bok said advisory revenue will probably fall in the second half of the year for the industry because of a slowdown in announced deals.
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