Evercore is an independent investment bank that advises corporations, financial sponsors, and institutions on M&A, restructuring, capital markets, and other financial transactions. "Independent" means Evercore does not do commercial banking, proprietary trading, or manage large private equity funds — businesses Evercore argues create conflicts of interest at large universal banks. M&A advisory is the core of the business, with Evercore helping clients buy, sell, or merge companies by providing valuation analysis, strategic advice, and transaction execution. Beyond M&A, Evercore has built adjacent advisory businesses including restructuring, equity capital markets underwriting, private capital advisory, and private funds fundraising. Evercore also operates Evercore ISI, an equities research and trading business serving institutional investors. Advisory fees, typically a percentage of deal value paid at closing, drive the vast majority of revenue and are lumpy by nature. Evercore ISI earns more recurring revenue through trading commissions and research subscriptions. The business is heavily people-driven — Senior Managing Directors originate and lead client relationships, and their compensation is the dominant cost. Evercore's growth strategy centers on hiring and promoting SMDs, geographic expansion (particularly in EMEA), and product diversification beyond core M&A. Evercore also manages roughly $15.5B in AUM through its wealth management business, though this is a minor contributor to overall revenue.