Evercore Partners has posted its best-ever start to a year for advisory and underwriting revenues, mirroring rival Moelis & Co with record first-quarter earnings.

The independent advisory firm generated $463.6m in net revenues in the three months to March 31 – a 20% increase on the first quarter of 2017, which was also a record. Profits of $95.5m rose 18% year-on-year.