Evercore Partners, a US-based investment banking advisory firm, has launched its equity research group.
The firm said it plans to initiate coverage of companies in the telecommunication, media and technology, and financial institutions industries during the third quarter of 2010.
According to the firm, the research group will initially be comprised of 10 analysts with expertise in the sectors they cover.
Evercore plans to expand coverage strategically to include insurance, capital markets, REITS, software, hardware and semiconductors.
Charles Myers, head of Evercore Institutional Equities, said: “We are excited to announce the core of our equity research team. These senior hires round out our initial hiring plan and put us in a position to deliver the high quality, objective research content we have committed to our institutional clients. We are now singularly focused on broadening our client relationships and generating investment ideas and insights for these clients.”
Ralph Schlosstein, president and CEO of Evercore, said: “We have assembled an exceptionally high quality team of research analysts that share Evercore’s commitment to deliver independent investment ideas to clients and to provide research coverage of important companies in these two critical sectors. While we expect an initial investment period in the early stages of this business, we anticipate this business will be a meaningful contributor to Evercore’s earnings over time.”