Evercore Partners has acquired a platform from Bank of America to boost its asset management business, which one analyst described as “struggling,” as the boutique investment bank has downsized its private equity fund arm and nixed a business launch—agreed to last year—with BlackRock co-founder Ralph Schlosstein.

Last September, Evercore said it would become a founding member of an investor group with Schlosstein, former president of asset manager BlackRock, to launch HighView Investment Group, which was looking to acquire minority interests in independent alternative asset managers.