Evercore Partners, an investment banking advisory firm, said on Wednesday that it was starting a private capital advisory business and had hired two UBS bankers to lead it.
The new business will focus on secondary transactions for private funds.
Nigel Dawn, formerly global co-head of the private funds group at UBS, will run the business globally. Nicolas Lanel, formerly global co-head of UBS’s secondary markets advisory group, will lead the European operations.
The new business is expected to start up in the second half of the year. It will be majority owned by Evercore, with Mr. Dawn and Mr. Lanel and other executives holding a minority stake.
Ralph L. Schlosstein, chief executive of Evercore, said in a statement that the new business “fits perfectly into the Evercore model of providing independent advisory services to our clients based on our ideas, our intellectual capital and our relationships.â€
“We believe this business leverages the relationship network and market presence of our firm.†he said.
