RIABiz

News, Vision & Voice for the Advisory Community

RIABiz

Evercore makes a wealth management hire from Goldman Sachs who's fluent in investment banking

The big $3.6-billion NYC RIA is looking to get cooler, smarter and more in touch with the entity that owns a major chunk of it

Thursday, August 23, 2012 – 3:20 AM by Brooke Southall
Admin:
0 Comments
no description available
Jordan Szekely brings investment banking acument, wealth management experience and relative youth to Evercore.

Evercore Wealth Management LLC has shown again that when it brings aboard talent, it doesn’t just make a hire, it snaps a piece of the puzzle into place.

The $3.6-billion RIA hired Jordan Szekely away from Goldman Sachs and plans to utilize him in all the ways that such a brand name might connote. While he was with the investment banking giant (since 2010), he served as a wealth advisor to high-net-worth individuals, families and foundations.

But before coming to Goldman, he did many of the barbarians-at-the-gate activities that are associated with that firm. See: Opinion: How Goldman Sachs exposed its jaw to a massive PR blow from The New York Times’ op-ed page. Szekely worked at private-equity firm Veronis Suhler Stevenson from 2006 to 2008 and at TA Associates from 2001 to 2004 sourcing, executing and monitoring private-equity and mezzanine investments. He began his career in 1999 as a mergers-and-acquisitions specialist at Lehman Brothers Holdings Inc.

Szekely also has big-time RIA experience having done a stint at Focus Financial Partners LLC in 2008 doing corporate and business development.

Se habla investment banking

The way that Szekely’s broad experience comes into play is that Evercore wants people with investment banking acumen to handle the high-end clients referred over by the investment bank that owns it.

“There’s a handoff,” says Jeff Maurer, chief executive of Evercore Wealth Management.

Jeff Maurer: There's a handoff.
Jeff Maurer: There’s a handoff.

Evercore also likes wealth managers who speak investment banking because many of its partners on the investment banking side, Evercore Partners, also become clients of the wealth-management side.

Maurer adds: “Jordan will work closely with our colleagues in New York, Minneapolis and San Francisco to deliver the highest standard of independent advice, service and investment management. His investment background and enthusiasm for our goals-based approach to wealth management make him a valuable addition to our team.” See: Evercore feasts on veterans of an elite Wells Fargo wealth management unit.

Maurer also allowed that Szekely (about 35 years old based on LinkedIn extrapolations) is part of a deliberate attempt at the firm to hire more young people. See: In its latest talent grab, Evercore Wealth Management hires a 'young, up-and-coming player’.

Remaking the magic

Maurer originally formed Evercore Wealth Management in 2010 by breaking away a raft of his former close associates at U.S. Trust.

In the early going, he had about $1.7 billion of assets under advisement. That amount has quickly more than doubled. Maurer started working at U.S. Trust in 1970 and stayed there until, as its CEO and chairman, he was replaced in 2003 — three years after The Charles Schwab Corp. acquired the firm. See: Evercore is looking to its future after lifting out a huge team of U.S. Trust financial advisors.

Schwab & Co. sold U.S. Trust to Bank of America Corp. in 2007. After a stint at Lehman, which he left in 2007, Maurer decided to try to recreate the magic that made U.S. Trust so successful before Schwab. acquired it. Part of that effort involves managing money in-house.

Szekely will be based at the New York City headquarters of Evercore Wealth Management, reporting to Wendy Barasch, partner and head of sales and marketing. See: Evercore adds an Alliance Bernstein veteran to build out its advisory team.

He is a graduate of the University of Pennsylvania, where he received a B.A. in economics and psychology, and of the Columbia Business School, where he earned an MBA in finance in the value investing program.


Related Moves

With 25% of shares set aside, Evercore Wealth Management makes three women 'partners' in one fell swoop at , but don't call it affirmative action, says US Trust spin-off

The $8.1-billion AUA, New York City RIA invests in Kate Mulvany and Helena Jonassen -- both US Trust vets -- and Stephanie Hackett, formerly of Brandywine

July 2, 2019 – 6:33 PM

Goldman Sachs RIA custodian delayed indefinitely, as 'technical details' bedevil launch date

The clock is ticking on the New York City investment bank's strategic imperative to strike while TD Ameritrade and Schwab merge, but Goldman may be facing similar obstacles combining with Folio Institutional.

March 16, 2022 – 2:47 AM

Oisín's Bits: Betterment now a robo roll-up with Canadian IPO as catalyst • Insurers risk regulation for COVID-19 coverage delays • Vanguard shifts Asia focus to China's vast mom-pop retail market

Betterment rolls up a robo • The CFA warns insurers over COVID-19 life polices • Vanguard names Chinese fund head to pursue $6 trillion market.

March 5, 2021 – 1:16 AM

Oisín's Doubletakes: Clara Shih returns to Salesforce after 11-year hiatus • Focus reloads for M&A with $500 million debt raise, taking its credit north of $1.5 billion • Goldman Sach's 2020 partners list looks less homogenous -- even 'accretive' of women

Former HearSay CEO returns to her mother corporation • Focus Financial Partners debt levels soar 50% on fresh debt issuance • Goldman adds diversity, but snubs Marcus partnerships

February 6, 2021 – 2:39 AM

See more related moves


RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING


RIABiz Directory sponsored by:

Directory Sponsor Logo