Evercore Partners, a US investment bank, has established an advisory and investment joint venture with CITIC Securities in a bid to get more M&A exposure in China, Bloomberg reported. The new company, which will be known as CITIC Securities International Partners, will be headed by Donald Tang, a former vice chairman at Bear Stearns. The company will focus on initiating deals between Chinese and overseas companies. Evercore founder Roger Altman, a former US deputy Treasury secretary, said the venture facilitated client access to the China market. The value of M&A activity involving Chinese companies reached a record US$190 billion in 2009, double the 2006 level, as local firms made acquisitions overseas. Tang helped negotiate the tie up between CITIC Securities and Bear Stearns that fell through as the US bank came close to collapse.
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