Evercore Partners has completed the acquisition of the ISI International Strategy & Investment and the remainder of its legacy institutional equities business.
The business, Evercore ISI, will initially provide macro research, as well as fundamental research coverage of more than 600 companies across 12 industries, or approximately 60 per cent of the combined market cap of the S&P 500.
Evercore ISI will serve more than 1,500 institutional investors globally, including the largest asset managers and fund complexes in the world.
“We are excited to announce the closing of the ISI transaction, moving us one step closer to our goal of creating the most elite independent investment banking advisory firm in the world,” says Ralph Schlosstein, president and chief executive officer. “While it is still early days, client feedback to date affirms our expectation that Evercore ISI will have a positive effect on the growth rate of our overall Investment Banking business and that the equities business will be an attractive business in its own right. Since the announcement of the acquisition in August, ISI has achieved a #5 ranking for its research product from Institutional Investor, and the firm has had record revenues in September and October, reflecting the support for this transaction from institutional investors globally. We are excited to welcome the entire ISI team to Evercore.”
“Our clients’ support for this transaction has been extremely positive,” says Ed Hyman, Evercore ISI’s chairman. “The combination of talent from the ISI and Evercore equities businesses has created a powerhouse in research and distribution and we look forward to continuing to serve our expanded client network with the highest quality independent research, analysis and advice.”
