Investment banking advisory firm Evercore Partners has acquired an interest in Atalanta Sosnoff Capital.

Under the terms of the purchase agreement, and upon receipt of required consents, Evercore will pay approximately USD69 m in cash, with the potential for earn out payments based on 2010 performance of up to USD14.7 m, for a 49 per cent economic interest in the company.

Following the closing of the transaction Atalanta's management team will own 51 per cent of the company which will be governed by Martin Sosnoff (pictured), chief executive, Craig Steinberg, president, and three Evercore designees.

Atalanta's investment processes and day-to-day operations will remain unchanged.

Founded in 1981 by Sosnoff, Atalanta manages more than USD10bn of assets for institutional, high net worth and broker advised clients. The firm is based in New York, with a team of 52 investment management, client service and support professionals.

Ralph Schlosstein, Evercore's president and chief executive officer, says: "We are excited to partner with Atalanta Sosnoff, an asset manager with an outstanding long-term track record, significant scale and a high quality team of professionals. This acquisition is consistent with our strategy of partnering with exceptional investment firms, which manage high value added products and have significant equity ownership by management. Consistent with our financial discipline, the transaction is expected to be immediately accretive to earnings."

Sosnoff adds: "Evercore will be a valued institutional partner as we continue to grow and broaden our capacity to serve our clients."

Atalanta Sosnoff was advised in the transaction by Credit Suisse Securities (USA).