Evercore Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $2.996 billion, a 23% increase from $2.443 billion in 2023. The company's net income attributable to Evercore Inc. was $378.3 million, reflecting a 48% rise compared to $255.5 million in the previous year. This growth was primarily driven by a 24% increase in advisory fees, which totaled $2.441 billion, and a 41% increase in underwriting fees, which amounted to $157.1 million. The company's net revenues also benefited from a rise in commissions and related revenue, which increased by 6% to $214 million.
In terms of operational changes, Evercore's Investment Banking & Equities segment generated $2.81 billion, accounting for 97% of total revenues, while the Investment Management segment contributed $79.6 million, or 3% of revenues. The company reported a total of 748 fees from advisory and underwriting client transactions, a 12% increase from the previous year. The firm also expanded its workforce, employing approximately 2,380 people globally, with a notable increase in senior managing directors across various sectors, including private capital markets and financial sponsors.
Strategically, Evercore has focused on enhancing its capabilities through recruitment and internal promotions, adding seven senior managing directors in 2024. The firm also aims to achieve organic growth in its Investment Management segment, particularly in wealth management. The company has made significant investments in technology and infrastructure to support its growth initiatives, which have placed demands on its operational resources.
Looking ahead, Evercore's management expressed optimism about future growth, despite potential challenges posed by market conditions and economic uncertainties. The firm plans to continue diversifying its business and enhancing its competitive position through strategic hiring and expansion into new geographic markets. The company remains vigilant regarding the impact of external factors such as inflation, interest rates, and geopolitical tensions on its operations and financial performance.
About Evercore Inc.
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