Former U.S. editor

US advisory boutique Evercore Partners reported a more than 20% increase in revenues for the second quarter, but profits were hit by hiring costs that included $8.5m (€6bn) related to the appointment of the firm's new chief executive Ralph Schlosstein in May.

Evercore Partner's adjusted pro forma net revenues for the second quarter were $71.3m, up 21% against the same period in 2008, driven by strong performance from its advisory - particularly restructuring - business, according to its second-quarter results released this morning.

Evercore profits take hit on hiring costs

Matt Turner

Evercore Partners

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