Evercore (EVR) Goldman Sachs 2024 U.S. Financial Services Conference summary

Recent performance and strategic progress

• Significant brand recognition and franchise momentum achieved over the past five years, with strong client relationships and reputation growth.

• Focused on recruiting and retaining top talent, with 30 external hires and 30 internal promotions in the last three years.

• Strategic plan centers on expanding client coverage, enhancing product offerings, and investing in high-growth sectors like healthcare, clean tech, biotech, and software.

• Investments in software and other high-growth areas have yielded strong client opportunities and market insights.

• No perceived limit to market share growth in the near term, with talent acquisition and culture as key differentiators.

Growth outlook and market environment

• Aggressive recruitment and promotion strategy, with no cap on senior hires if the right talent is found.

• Anticipates continued build in M&A activity through 2025, driven by CEO confidence, access to capital, and stable markets.

• Expects a friendlier regulatory environment for deals, especially in tech, though large tech transactions will still face scrutiny.

• Lower corporate tax rates and stable tariffs seen as positive for M&A, with cross-border activity expected to increase.

• Boards are more aggressively considering strategic transactions post-election, with pent-up demand fueling optimism.

Business segment updates

• Sponsor activity is rising, with increased pitch rates and pressure from LPs to deploy capital, signaling a likely rebound in sponsor-driven M&A.

• Private credit is viewed as a permanent, secular shift, with competitive fixed income markets benefiting sponsors and restructuring clients.

• Equity Capital Markets business is strengthening, aiming for a top 10 league table position, with diversification into technology and other sectors.

• Private Capital Advisory and fundraising businesses are experiencing healthy growth, with new products and expanded client coverage.

• Restructuring business has strong backlogs and is expected to remain a top contributor, with liability management as a key driver.