Evercore Partners Inc. (NYSE: EVR) reported Wednesday that the company has purchased Neuberger Berman's Private Funds Placement Group, according to Associated Press.
Financial terms were not disclosed. However, Neuberger will receive earn out payments.
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Evercore, an investment banking advisory firm, said the new group will be renamed Evercore Private Funds Group. The placement group gives advice to fund sponsors on aspects of the fundraising process.
Earlier this month, Evercore returned to a fourth-quarter profit as its assistance on huge deals for Wyeth (NYSE: WYE), Hearst and General Motors generated tens of millions in revenue.
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