Evercore snaps up key assets of Neuberger Berman unit

Independent investment banking advisory firm Evercore Partners has acquired key assets of the Private Funds Placement Group of Neuberger Berman.

London-based Evercore advises fund sponsors on all aspects of fundraising, including competitive positioning and market assessment, investor introductions, marketing materials, due diligence, asset raising and documentation. The investment management business comprises wealth management, institutional asset management and private equity investing.

The new business will operate as Evercore Private Funds Group, initially comprised of eight professionals and headed by Richard Anthony. As part of the agreement Neuberger Berman, which was established in 1939 and which managed some $173bn by end December 2009, will receive earnout payments which provide them with an economic interest in the success of the group for a period of time.

The Group will grow as it establishes a broader presence in the United States and expands its reach across continental Europe and the Middle East. Ralph Schlosstein, Evercore's president and chief executive officer, said the business fits the Evercore model of providing independent advisory services to our clients "based on our intellectual capital and relationships".