Evercore Wealth Management

Last updated
Evercore Wealth Management, LLC
TypeFinancial Services
Industry Financial services
Founded2008
Founder Jeff Maurer
Headquarters
New York, New York, San Francisco, California, Tampa, Florida, Palm Beach, Florida & Minneapolis, Minnesota
,
United States
Number of employees
91
Parent Evercore, (NYSE: EVR)
Subsidiaries Evercore Trust Company, N.A.
Website evercorewealthandtrust.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[ further explanation needed ] to high net worth individuals, families and related institutions across the United States. As of February 3, 2020, the firm manages US$10.2 billion in client assets. [1]

History

The firm was founded in 2008 [2] by Roger Altman, founder of Evercore, and Jeff Maurer, former chief executive officer of U.S. Trust. Maurer was accompanied by 17 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. [3]

As of December 31, 2019, Evercore Wealth Management had 91 partners and other employees, offices in New York City, San Francisco, Los Angeles, Tampa, Minneapolis, and Palm Beach, and US$9.1 billion in client assets under management. [1] [4] [5]

Personal trust services are provided through Evercore Trust Company, N.A, a Delaware-based national trust bank. [6]

In 2019, Chris Zander was appointed President of Evercore Wealth Management and Evercore Trust Company, N.A., reporting to CEO Maurer. [7]

As of January 2, 2020, Zander succeeded Maurer as CEO, while Maurer remained as Chairman. [8]

Acquisitions and expansions

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. [9] The name of the fund was subsequently changed to The Evercore Equity Fund, "EWMCX".

In 2011, the firm opened an office in Minneapolis, Minnesota. [10] 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. [11]

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. [12]

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". [13]

On August 14, 2018, a new office opened in Palm Beach, Florida. [14]

Related Research Articles

<span class="mw-page-title-main">State Street Corporation</span> American financial services holding company

State Street Corporation is an American financial services and bank holding company headquartered at One Lincoln Street in Boston with operations worldwide. It is the second-oldest continually operating United States bank; its predecessor, Union Bank, was founded in 1792. State Street is ranked 15th on the list of largest banks in the United States by assets. It is one of the largest asset management companies in the world with US$3.9 trillion under management and US$43.3 trillion under custody and administration. It is the largest custodian bank in the world, providing securities services and it is considered a systemically important bank by the Financial Stability Board. Along with BlackRock and Vanguard, State Street is considered to be one of the Big Three index fund managers that dominate corporate America.

<span class="mw-page-title-main">Charles Schwab Corporation</span> American financial services company

The Charles Schwab Corporation is an American multinational financial services company. It offers banking, commercial banking, investing and related services including consulting, and wealth management advisory services to both retail and institutional clients. It has over 360 branches, primarily in financial centers in the United States and the United Kingdom. It is the 7th largest banking institution in the United States with over US$8.5 trillion in client assets. It had 29.0 million active brokerage accounts, 2.1 million corporate retirement plan participants, 1.5 million banking accounts, and $8.5 trillion in client assets as of February 7, 2022. It was founded in San Francisco, California, and is headquartered in Westlake, Texas.

<span class="mw-page-title-main">Franklin Templeton Investments</span> Global investment firm founded in New York City in 1947

Franklin Resources, Inc. is an American multinational holding company that, together with its subsidiaries, is referred to as Franklin Templeton; it is a global investment firm founded in New York City in 1947 as Franklin Distributors, Inc. It is listed on the New York Stock Exchange under the ticker symbol BEN, in honor of Benjamin Franklin, for whom the company is named, and who was admired by founder Rupert Johnson Sr. In 1973, the company's headquarters moved from New York to San Mateo, California. As of October 12, 2020, Franklin Templeton held US$1.4 trillion in assets under management (AUM) on behalf of private, professional and institutional investors.

<span class="mw-page-title-main">BlackRock</span> American multinational investment management corporation

BlackRock, Inc. is an American multi-national investment company based in New York City. Founded in 1988, initially as a risk management and fixed income institutional asset manager, BlackRock is the world's largest asset manager, with US$10 trillion in assets under management as of January 2022. BlackRock operates globally with 70 offices in 30 countries, and clients in 100 countries. Along with Vanguard and State Street, BlackRock is considered to be one of the Big Three index fund managers that dominate America.

<span class="mw-page-title-main">Ameriprise Financial</span> Financial services company

Ameriprise Financial, Inc. is a diversified financial services company and bank holding company incorporated in Delaware and headquartered in Minneapolis, Minnesota. It provides financial planning products and services, including wealth management, asset management, insurance, annuities, and estate planning.

<span class="mw-page-title-main">Financial adviser</span> Professional who renders financial services to clients

A financial adviser or financial advisor is a professional who provides financial services to clients based on their financial situation. In many countries, financial advisors must complete specific training and be registered with a regulatory body in order to provide advice.

State Street Global Advisors (SSGA) is the investment management division of State Street Corporation and the world's fourth largest asset manager, with nearly $4.14 trillion (USD) in assets under management as of 31 December 2021.

<span class="mw-page-title-main">Evercore</span> American financial services company

Evercore Inc., formerly known as Evercore Partners, is a global independent investment banking advisory firm founded in 1995 by Roger Altman, David Offensend, and Austin Beutner. The firm has advised on over $4.7 trillion of merger, acquisition, and restructuring transactions since its founding.

<span class="mw-page-title-main">Stifel</span> American investment bank

Stifel Financial Corp. is an American multinational independent investment bank and financial services company created under the Stifel name in July 1983 and listed on the New York Stock Exchange on November 24, 1986. Its predecessor company was founded in 1890 as the Altheimer and Rawlings Investment Company and is headquartered in downtown St. Louis, Missouri.

<span class="mw-page-title-main">Ladenburg Thalmann</span> American financial services company

Ladenburg Thalmann Financial Services is a diversified financial services company with two primary business lines: independent brokerage and advisory and investment banking and capital markets. The company is engaged in investment banking, equity research, institutional sales and trading, brokerage services, asset management, and trust services. Ladenburg Thalmann Financial Services is based in Miami, Florida. The company has more than 4,000 financial advisors with approximately $125 billion in client assets.

<span class="mw-page-title-main">First Republic Bank</span> American financial services company

First Republic Bank is an American full-service bank and wealth management company offering personal banking, business banking, trust, and wealth management services, catering to low-risk, high net-worth clientele, and focusing on providing personalized customer experience. The bank specializes in delivering personalized relationship-based service through preferred banking or trust offices in the United States, including San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Palm Beach, Boston, Greenwich, New York City, Jackson, Wyoming, and Manhattan Beach.

AdvisorShares Investments is a US-based investment management firm based in Bethesda, Maryland which offers actively managed exchange-traded funds (ETFs) through the AdvisorShares Trust. AdvisorShares partners with third party financial advisers who already manage clients’ assets to package their investment strategy using exchange-traded funds. As part of promoting its funds it also provides educational support to help financial advisors and investors understand actively managed ETFs and their underlying investment strategies.

A turnkey asset management program (TAMP) allows independent financial advisors, typically fiduciaries, to outsource the management of some or all of their clients' assets. More recently, Certified public accountants, law firms and banks also are using them to enter the financial advice marketplace.

Fiduciary Trust Company International is a United States-based wealth management firm that provides investment management and wealth management services. It has served high-net-worth families, foundations, and endowments since 1931. As of 2019, the firm had $71 billion in assets under administration and management, serving clients in 48 countries. The firm and its subsidiaries maintain offices in New York City, and several other locations.

<span class="mw-page-title-main">HiddenLevers</span>

HiddenLevers is a financial technology company with headquarters in Atlanta. It provides risk applications and analytics to financial advisors, portfolio managers and executive teams in the wealth management space. Users of the HiddenLevers platform access a correlations engine through an easy user interface to understand the drivers of upside and downside in individual portfolios, and across a whole book of business for an advisor or a wealth management institution. HiddenLevers has received critical acclaim for its investment proposal generation and its business intelligence platform that marries risk and revenue analytics. HiddenLevers is also known for its scenario library, a visual compendium of several economic outcomes in the financial zeitgeist, created and updated by the HiddenLevers economic research team. As of April 2019, the company remains self-funded, against a backdrop of record investment in fintech worldwide, hitting $55 billion in 2018, double the year before.

Betterment is an American financial advisory company which provides digital investment and cash management services.

Jeff Maurer is the founder and chairman of Evercore Wealth Management and Evercore Trust Company, N.A., the former CEO of U.S. Trust Corporation and the author of the book Rich in America: Secrets to Creating and Preserving Wealth.

John G. Taft is an American financier and writer. He is currently a Vice Chairman of Baird and member of the firm's executive committee.

<span class="mw-page-title-main">CI Financial</span> Largest investment management firm by assets under management in Canada

CI Financial is the largest investment management firm by assets under management in Canada. Based in Toronto, Ontario, it offers investment management and wealth management services targeted to high net worth retail investors, as well as brokerage and trading services to portfolio managers and institutional investors. It is considered one of the Big Three investment management companies in Canada, along with Mackenzie Investments and Fiera Capital.

Fiduciary Trust Company is a private wealth management firm headquartered in Boston, Mass United States. It serves high-net-worth families, individuals and nonprofits, as well as professional financial advisors and family offices. The firm provides customized wealth management, investment management, and trust and estate settlement services, as well as family office, tax, and custody services.

References

  1. 1 2 "Evercore Reports Full Year 2020 Results; Record Fourth Quarter and Full Year Revenues; Quarterly Dividend of $0.61 Per Share". PR Newswire. February 3, 2021.
  2. ↑ Farrell, Greg (November 12, 2008). "Evercore launches wealth management division".
  3. ↑ 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.
  4. ↑ "Evercore Wealth Management Appoints Jill Faherty Lloyd as Financial Advisor - New York Times". markets.on.nytimes.com. Retrieved 2017-01-19.
  5. ↑ Evercore Inc. (December 31, 2019). "ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934".
  6. ↑ Company, Special Fiduciary - Evercore Trust. "Evercore Trust Company | Independent Fiduciary and Trustee Services". www.evercorewealthandtrust.com. Retrieved 2017-01-19.
  7. ↑ "Chris Zander Named President of Evercore Wealth Management". February 11, 2019.
  8. ↑ "Chris Zander Named CEO of Evercore Wealth Management; Jeff Maurer Named Chairman". www.businesswire.com. 2019-12-04. Retrieved 2020-01-29.
  9. ↑ "Evercore Wealth Management Completes Acquisition of Investment Firm Morse Williams | Business Wire". www.businesswire.com. Retrieved 2017-01-19.
  10. ↑ St. Anthony, Neal (February 21, 2015). "On managing wealth, connecting with clients: Martha Pomerantz". Minneapolis Star Tribune.
  11. ↑ "Evercore Wealth Management Completes Acquisition of Mt. Eden Investment Advisors | Evercore". www.evercorewealthandtrust.com. Retrieved 2017-01-21.
  12. ↑ Evercore Wealth Management Expands to Florida, Names Three New Partners
  13. ↑ "Evercore Trust opens today in Wilmington - Delaware Business Times". Delaware Business Times. 2016-02-11. Retrieved 2017-01-19.
  14. ↑ "Evercore Wealth Management Expands to Palm Beach". PR Newswire. August 14, 2018.

Notes

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.