Evercore Partners is launching a new equities division and will also undertake underwriting and equity origination in the first half of 2010, The Wall Street Journal reports. Evercore will start an equity-research division providing industry research on two sectors, financial institutions and technology-media-telecommunications.
The firm will invest $50 million in new capital towards equity underwriting and plans to hire 35-40 people over the next year. Bart McDade, former president and global head of equities at Lehman Brothers, is one of the major investors, while Jim Birle, former head of Merrill Lynch’s global equity-capital markets, and Charles Myers, former global head of equities at Fox-Pitt Kelton, are other key investors.
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