Evercore Hires Deutsche Bank's Paul Stefanick
June 29 2017 - 10:45PM
Dow Jones News
By Liz Hoffman
Evercore Partners Inc. is continuing its hiring spree, bringing
on a senior banker in New York from Deutsche Bank AG.
The firm plans to add Paul Stefanick, a top industrials banker
and until recently the head of Deutsche Bank's Wall Street
operations, as a senior executive, Evercore Chief Executive Ralph
Schlosstein said.
Mr. Stefanick, who counts Deere & Co. and Honeywell
International Inc. among his clients, is Evercore's latest big-name
hire as the firm tries to distance itself from the smaller
independent advisory shops, known as boutiques, that have crowded
Wall Street in recent years.
With 1,500 employees and $1.4 billion in revenue last year,
Evercore hardly qualifies for that label anymore.
The firm, founded in 1995 by former Deputy Treasury Secretary
Roger Altman, late last year hired John S. Weinberg, a former
co-head of Goldman Sachs Group Inc.'s investment bank, as its
executive chairman.
Before that, it was Goldman's top activism-defense banker, Bill
Anderson, and more recently, Goldman global restructuring chief
Roopesh Shah and Ira Wolfson, a Rothschild & Co. aerospace
banker.
Mr. Weinberg, who received a pay package worth nearly $100
million in cash and stock upon joining Evercore, has been charged
with hiring more star deal-makers.
"This place has a lot of top-tier generalist M&A bankers
whose ages start with a six," Mr. Schlosstein said in an interview.
Mr. Weinberg and Mr. Stefanick are both in their 50s, and will sit
on Evercore's management committee.
Mr. Stefanick was CEO of Deutsche Bank's U.S. business until
last fall, when he was shifted full-time to a role courting global
clients, one of several recent shake-ups in the German firm's
American arm.
A Deutsche Bank spokeswoman couldn't be immediately reached to
comment.
Boutique investment banks are finding more opportunities to hire
from big Wall Street firms, said Scott Bok, the chief executive
officer of Greenhill & Co. earlier this year. Some European
banks have cut back, for example, leaving many bankers ready to
jump to a new firm.
Evercore's revenue has roughly doubled since 2013. The vast
majority comes from merger-and-restructuring advisory work, though
it has a small asset-management arm it has been shrinking.
Mr. Stefanick began his career in the M&A group at Merrill
Lynch. He worked on Stanley Black & Decker's recent acquisition
of the Craftsman tool brand, and his latest deal at Deutsche Bank,
Martin Marietta Materials Inc.'s purchase of Bluegrass Materials
Co., was announced Monday.
He will start at his new firm after a customary "garden
leave."
Write to Liz Hoffman at liz.hoffman@wsj.com
(END) Dow Jones Newswires
June 29, 2017 22:30 ET (02:30 GMT)
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