Since Ralph Schlosstein joined 10 years ago, the independent investment bank Evercore has had a nearly 600% total return and massively grown its deal fees.
Under Ralph Schlosstein, Evercore has grown into one of Wall Street's premier investment banks — producing a nearly 600% total stock return in the process.Since Ralph Schlosstein joined it almost exactly 10 years ago, the independent investment bank Evercore has produced a nearly 600% total return and grown its advisory revenue to $1.74 billion from $180 million.
Late last November, an Evercore dealmaker named Paul Stefanick opened his inbox to find it had been hit by a crush of emails. For Stefanick and Evercore, the megadeal was validation of what had been a long journey. The charm offensive waged by Altman and CEO Ralph Schlosstein to hire Stefanick — encompassing airport phone calls, numerous lunches and dinners, and one forgotten briefcase — lasted more than six years.
And it's helped transform Evercore over the past decade from a plucky boutique into a credible challenger to the world's top investment banks. Schlosstein's theory upon taking the role was that there was room for another boutique to break out of that group and contend with the other big independents. Last year, advisory revenue grew 32% to just shy of $1.75 billion, putting Evercore at fourth in the industry, ahead of not only Lazard and Rothschild but also the bulge brackets Bank of America and Citigroup, according to data from Bloomberg and public filings.To be in the top-four conversation is a coup for Schlosstein and Evercore.
Europe, the second-largest deals market, has been a slog by comparison, making life more difficult for competitors with a strong presence in the region, such as Lazard and Rothschild.
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