This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

The Deal: Evercore Opens Singapore Office

Stocks in this article: EVRUBSINGSFDDB

NEW YORK ( The Deal) -- Evercore Partners (EVR) is positioning itself to take a larger slice of the Asian deal market with the opening of a Singapore office that will provide M&A, capital markets and strategic advice to companies throughout Southeast Asia.

The U.S.-based investment bank has hired Keith Magnus to lead its Singaporean arm from UBS, where he is currently the chairman and head of Singapore and Malaysia investment banking. Singapore will be Evercore's second Asian office after Hong Kong.

"Once established, our office in Singapore combined with our office in Hong Kong and our strategic alliances in China, Japan, India and Korea will allow us to better serve both our Asian clients and global clients with interest in Asia," Evercore's president and chief executive Ralph Schlosstein said in a statement.

Asian economies are growing at much faster rates than the U.S. and the recession-crippled Europe. Singapore's economy grew an annualized 15.2% in the second quarter as manufacturing rebounded, the strongest result in more than two years.

Yet Asian companies--such as Japanese dealmakers, the largest foreign acquirers of U.S. targets--are less likely to pay for advisory work, preferring to do more of the groundwork themselves, spelling a competitive backdrop for investment banks.

Only about 10% of Evercore's overall revenue comes from Asian clients, though it has advised on transactions such as insurer AIA Group Ltd.'s $1.73 billion acquisition of ING Groep NV's (ING) Malaysian insurance business last year and Thai food group Charoen Pokphand Foods PCL's rival bid for U.S. company Smithfield Foods (SFD), which agreed in May to be acquired by Shuanghui International Holdings for $7.1 billion.

Sovereign wealth funds such as Singapore's Temasek Holdings and Government of Singapore Investment Corp. are large active investors throughout the region--and another potential source of advisory work. M&A in Southeast Asia fell 13% in volume terms to 889 deals in the first half on the prior period, though overall deal value rose 8% to $36.5 billion, according to Dealogic. This compares to a 20% drop in volumes for U.S. M&A to 4873 in the first half and a 23% jump in overall deal value to $521.8 billion, as fewer but larger deals were announced. Magnus has worked for Bank of America Merrill Lynch, UBS (UBS) and Deutsche Bank (DB), advising on public deals in excess of S$40 billion ($32 billion) in M&A and capital raisings for financial institutions, corporates and several Temasek-linked entities, according to Evercore.

The independent investment bank will report its second-quarter results on Wednesday.

Written by Jane Searle.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs