Atalanta Sosnoff Announces Minority Interest Investment

We are proud to tell you that Evercore Partners will purchase a 49% economic interest in Atalanta Sosnoff.  A NYSE listed company, Evercore is a leading independent investment banking firm founded by Roger Altman, Deputy Secretary of the U.S. Treasury in the Clinton Administration.  Their CEO, Ralph Schlosstein, is building Evercore’s asset management presence by partnering with highly regarded managers.  Ralph was co-founder and President of BlackRock, Inc. so we are eager to share in the wisdom gained in creating a premier investment organization.  Evercore is comprised of over 40 senior investment bankers who have advised on over $1 trillion of mergers, acquisitions, restructuring and recapitalization transactions.  Passing their due diligence must mean we are doing something right. 

Evercore is an ideal partner.  They share our respect for the integrity of the investment process and their holding period can be forever.  No aspects of Atalanta’s operations are expected to change: Same people, same process, same client service.  All five of our principals are enthused by the transaction, have signed retention agreements and retain 51% ownership.  In fact, we designed an equity recycling program to secure the longevity of our firm. In essence, younger generations of professionals will increase their ownership over time, but no retirements are imminent. 

Common philosophy and aligned interests are the keystones of a successful partnership. (Trust us, it helps in a marriage as well).  Atalanta and Evercore share the belief that each party’s interests must be respected. Our agreement clearly specifies there will be no interference with Atalanta’s investment processes.  As strategic partners both our and Evercore’s interests need to be addressed, and therefore Atalanta will be governed, by a management board consisting of Martin Sosnoff, Craig Steinberg and three Evercore designees with each party’s rights established under predefined circumstances. Rest assured, Atalanta’s investment performance will determine its destiny.

While excited by Evercore’s vote of confidence, our ultimate goal is to continue to perform well and merit our clients’ respect.  This transaction makes a lot of sense since it builds for our future and we add a very smart partner.  We see no negatives and remain focused on our investment management responsibilities to you.  As always, we cannot do well unless you do well. 

Please call if you have any questions. 

Thank you for the confidence you have demonstrated in Atalanta Sosnoff.