Management at US-based Evercore Partners said the European arm of the advisory boutique, which was a drag on profits in 2009, is expected to break even this year and will soon begin to make a positive contribution to the business.

Evercore yesterday reported a net profit of $27m for the first nine months of this year, an increase of two-thirds from a year ago. Profits were boosted by record revenues in both investment banking and asset management in the third quarter of $99.6m and $23.4m respectively.