On Friday, Evercore Partners (NYSE:EVR) announced that Ralph Schlosstein has joined the firm as President and Chief Executive Officer. He replaces Evercore’s founder, Roger Altman, who will continue to serve as the firm’s Chairman. Mr. Schlosstein made a name for himself as Co-founder and President of BlackRock (NYSE:BLK). During his twenty plus years at BlackRock, he was credited as being a major contributor to the company’s transition from a start-up to one of the world's leading financial services firms.
Mr. Schlosstein’s appointment demonstrates Evercore’s commitment to grow from a boutique investment bank to a diversified financial services firm. In the company’s press release, Mr. Schlosstein stated “The partners at Evercore have built an incredible franchise with the best and brightest senior advisors in the business…Roger and the Evercore partners have laid a solid foundation for Evercore's continued growth, and I am extremely enthusiastic about partnering with them to diversify both of the business lines and to expand the geographic reach of Evercore. This is a unique time in the financial services industry to attract world class talent to boutique investment banking firms."
Evercore was founded in 1996 by Mr. Altman and has established itself as a leading boutique investment bank. The firm went public in 2006 and has since expanded geographically into Europe and Mexico.
Evercore has recently been building up its investment management businesses, which will likely be a major focus of Mr. Schlosstein’s.&n... investment management businesses are comprised of private equity investing, institutional asset management and wealth management. Last month, the firm established Evercore Trust Company when it acquired Bank of America's Special Fiduciary Services Division. The Wealth Management division was launched in November of 2008 when it hired Former U.S. Trust CEO Jeff Maurer and a team of seasoned portfolio managers.
As part of his appointment, Mr. Schlosstein has demonstrated his commitment to the firm by purchasing $15 million of Evercore’s common stock. For more information on Evercore, please see: http://www.hedgetracke...
Disclosure: No positions