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"[People] don’t expect retirement to begin with social security and sit on the back deck in a lounge chair for the rest of their lives. This group really wants to remain active."

Jeff Cimini, head of personal retirement at Merrill Lynch

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Evercore Partners reported operating income of $929,000 at its investment management division, and an operating margin of 4 per cent, compared to $4.67 million and 17 per cent for the same quarter a year ago.

However, the firm logged a rise in wealth management fees, from $3.76 million in the second quarter last year to $4.9 million for Q2 this year.

Overall at the firm’s investment management business, revenues declined 26 per cent year-over-year for the second quarter, to $20.7 million. This represents an increase of 2 per cent consecutively.

The yearly decline was partly due to a drop in institutional asset management/advisory fees, which went from $17.56 million to $12.42 million, offsetting gains in wealth management. Private equity fees crept up from $1.71 million to $1.81 million.

Total realized and unrealized gains from institutional asset management and private equity also dropped from $4.87 million to $816,000.

Across investment management, expenses for the quarter ended June 30, 2012 were $20 million, down 14 per cent from the same quarter a year earlier, and up 4 per cent sequentially. The yearly decrease was due to lower performance-based compensation expenses consistent with the decline in revenue.

Assets under management across wealth/institutional and private equity were $11.8 billion as of quarter-end.

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