What is the primary source for funding Evercore's operations?

The primary source for funding Evercore's operations comes from advisory fees and asset management revenues. Evercore is an independent investment banking advisory firm that provides strategic advisory services, mergers and acquisitions (M&A) advice, and financial restructuring. The firm's business model revolves around generating income through fees charged for these advisory services, which are typically based on the size and complexity of the transactions involved.

Additionally, Evercore also manages assets for clients, which contributes to its revenue through management fees. This dual-revenue stream — advisory fees from providing expert financial advice and revenues associated with managing client assets — forms the backbone of Evercore's financial operations and sustainability. The reliance on client relationships and the quality of service offered further reinforces their ability to generate these revenues consistently.