Type Financial Services Founder Jeff Maurer Number of employees 76 | Industry Financial Services Founded 2008 Parent organization Evercore Partners | |
Subsidiaries Evercore Trust Company, N.A. Website evercorewealthmanagement.com Headquarters New York City, San Francisco, Los Angeles | ||
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.
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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.
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. Evercore receives backing from the investment bank Evercore Partners, which will assume complete ownership of the wealth management firm in 2020.
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.
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. The name of the fund was subsequently changed to The Evercore Equity Fund, "EWMCX".
In 2011, the firm opened an office in Minneapolis, Minnesota. 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.
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.
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".