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Evercore may double S’pore staff as rivals cut back

SINGAPORE — Evercore Partners, the merger advisory firm founded by US banker Roger Altman, may almost double its number of employees in Singapore as other investment banks scale back in Asia.

SINGAPORE — Evercore Partners, the merger advisory firm founded by US banker Roger Altman, may almost double its number of employees in Singapore as other investment banks scale back in Asia.

The New York-based firm could increase headcount to as many as 20 people in Singapore by the end of the year, from 11 currently, Chief Executive Ralph Schlosstein said in an interview today (March 6). It is working on about 10 mergers and acquisitions and fund-raising deals in the region, spanning the consumer to infrastructure sectors, said Mr Schlosstein, who is in the city-state for the firm’s official office opening.

Evercore is expanding as Goldman Sachs Group and CIMB Group Holdings cut investment bankers in Asia amid tougher regulations and higher capital requirements that are putting pressure on financial firms globally. The firm hired Mr Keith Magnus from UBS Group in 2013 to set up its Singapore office.

“We are not hiring people because of some ‘Field of Dreams’ notion that if we build it, they will come,” Mr Schlosstein said, referring to the 1989 Kevin Costner film about an Iowa corn farmer who is mysteriously compelled to build a baseball diamond in his backyard. “We are hiring because we have got a backlog of business.”

Evercore is unlikely to consider the resumes that have emerged from its rivals’ culling measures as it wants to “go after the best athletes,” he said.

“We’re looking to pick up the ones that are so valuable they are kept. Our business is really a business of As and A+s.” he added. BLOOMBERG

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