Jeff Maurer poached his RIA from zero to $7.5 billion in nine years but now comes M&A

RIA Biz Financial Advisor News

April 10, 2018
Louis Diamond Quoted
By Brooke Southall

Every inch of the way, Jeff Maurer has built Evercore Wealth Management LLC his way, which is to say he has relentlessly recruited advisors, executives and their assets from ultrahigh-net-worth units of national banks.

What the former CEO of U.S. Trust mostly refrained from doing in taking his New York-based RIA startup to just over $7.3 billion in AUM, according to its March 30 ADV, and is buying talent and assets by acquiring RIAs.

“Evercore is a really, really strong brand and highly respected in the investment banking world and for advisors used to having an investment bank, it’s a really appealing model,” says Louis Diamond, principal of Diamond Consultants. He adds that he sees the M&A pool for Evercore’s wealth unit as extremely limited because of its self-custody and high use rates of proprietary products — never mind the small number of firms concentrating on the UHNW investors, which “PE firms you’ve never heard of” in addition to roll-ups are ready to pounce.

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