new forces emerge in wall street

For the investment banks the past few years have been miserable. There were meltdown catastrophes followed by shotgun marriages. The matter did not end there – there was the pay czar of the feds, investigations by the Congress, legislation targeting financial reforms, lawsuits filed by SEC etc. Even the proudest firms have had reason to frown.

What has not been noticed or focused upon is the exit of talent. But many of the bankers are not running away from Wall Street – they are going over to the opposite side of the street. Young firms are mushrooming that had always avoided proprietary trading together with lending – the two things the big banks have always underlined and emphasized. These new bunch of firms look back to the respected model of financial entities that sell advice only.

Of these the biggest is Evercore Partners or EVR. It is the rising the fastest under the lead of Roger Altman – a former official of the U.S. Treasury and Ralph Schlosstein the super-star who joined the company in 2009 from BlackRock. Evercore avoids risk like poison. It has no trading account and does not dabble in lending. It feels proud to keep at arms length all the things that brought down suffering to mega entities like Citigroups and Goldman Saches. The main work of Evercore is to give advice to the CEEs regarding mergers and also on restructurings.

The success story of Evercore marks a shifting away of power balance in Wall Street. Ed Nicoll the previous CEO of Instinet said, “The crisis badly tarnished the reputations of the big banks. Now the very best bankers are crossing the street to join the Evercores, and their best customers go with them”.
One should not think that Evercore is a small time player since it has modest revenue of $314 million. It has in its record mega deals – the largest merger of the year between Wyeth and Pfizer involving $65 billion, navigating the General Motors involving $80 billion and the biggest buyout of IMS Health by TPG involving $5.2 billion.

From the beginning of 2009 till the middle of the current year Evercore has been ranked 7th in the country as regards the total number merger and acquisition deals; it is ahead of Credit Suisse as well as Deutsche Bank. With only 48 bankers from the senior category it was able to do all this – the force being a tenth of that in the big shops!

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