Evercore Wealth Management

Evercore Wealth Management, LLC
Financial Services
Industry Financial Services
Founded 2008
Founder Jeff Maurer
Headquarters New York, New York, San Francisco, California, Los Angeles, California, Tampa, Florida & Minneapolis, Minnesota, United States
Number of employees
 76
Parent Evercore, (NYSE: EVR)
Subsidiaries Evercore Trust Company, N.A.
Website evercorewealthmanagement.com

Evercore Wealth Management, LLC is the wealth management division of Evercore, a global independent investment advisory based in New York City. The firm is a registered investment advisor, delivering customized investment management, financial planning, trust and custody services to high net worth individuals, families and related institutions across the United States.

History

The firm was founded in 2009 by Roger Altman, founder of Evercore, and Jeff Maurer, former chief executive officer of U.S. Trust, who was accompanied by seventeen of his former colleagues at U.S. Trust who left the company after it was sold by the Charles Schwab Corporation to the Bank of America in 2006.[1]

As of December 31, 2016, Evercore Wealth Management had 70 partners and other employees, offices in New York City, San Francisco, Los Angeles, Tampa and Minneapolis, and US$6.5 billion in client assets under management.[2] Evercore receives backing from the investment bank Evercore Partners, which will assume complete ownership of the wealth management firm in 2020.[3]

Personal trust services are conducted through Evercore Trust Company, N.A, a national trust bank that, as of December 31st, 2016, held over US$39.8 billion in assets under administration.[4]

Acquisitions

On May 4, 2010, the firm completed the acquisition of Morse, Williams and Company, Inc., a registered investment advisor. In a related transaction, the firm acquired The Wall Street Fund, "WALLX", a mutual fund launched on December 23, 1945.[5] The name of the fund was subsequently changed to The Evercore Equity Fund, "EWMCX".

In 2011, the firm opened an office in Minneapolis, Minnesota. [6] Six former advisors of a local business unit owned by Wells Fargo left and joined Evercore as partners.

On November 7, 2012, the firm announced its acquisition of Mt. Eden Investment Advisors, a San Francisco-based wealth management firm. The latter firm had US$645 million in client assets. Its acquisition was complete on December 28 of the same year. [7]

On April 7, 2013, Evercore Wealth Management opened a new office in Tampa, Florida - its first in the state - and named three new partners. This move is intended to increase the firm's service for clients in Florida and the southeast United States.[8]

On February 11, 2016, the firm announced the opening of the Evercore Trust Company of Delaware in Wilmington, Delaware, citing the state's "tax and regulatory environment" as "an attractive jurisdiction for many of our clients".[9]

References

  1. ↑ Brooke Southall (8 April 2010). "Evercore is looking to its future after lifting out a huge team of U.S. Trust financial advisors". RIA Biz. RIABiz LLC. Retrieved 20 August 2012.
  2. ↑ "Evercore Wealth Management Appoints Jill Faherty Lloyd as Financial Advisor - New York Times". markets.on.nytimes.com. Retrieved 2017-01-19.
  3. ↑ Kelly O'Mara (9 April 2012). "In its latest talent grab, Evercore Wealth Management hires a 'young, up-and-coming player'". RIA Biz. RIABiz LLC. Retrieved 20 August 2012.
  4. ↑ Company, Special Fiduciary - Evercore Trust. "Evercore Trust Company | Independent Fiduciary and Trustee Services". www.evercoretrustcompany.com. Retrieved 2017-01-19.
  5. ↑ "Evercore Wealth Management Completes Acquisition of Investment Firm Morse Williams | Business Wire". www.businesswire.com. Retrieved 2017-01-19.
  6. ↑ St. Anthony, Neal (February 21, 2015). "On managing wealth, connecting with clients: Martha Pomerantz". Minneapolis Star Tribune.
  7. ↑ "Evercore Wealth Management Completes Acquisition of Mt. Eden Investment Advisors | Evercore". www.evercorewealthmanagement.com. Retrieved 2017-01-21.
  8. ↑ Evercore Wealth Management Expands to Florida, Names Three New Partners
  9. ↑ "Evercore Trust opens today in Wilmington - Delaware Business Times". Delaware Business Times. 2016-02-11. Retrieved 2017-01-19.

Notes

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