America First sounds just about right to one corner of Wall Street - at least when it comes to doing business.
Bloomberg News reports that shares of U.S. independent investment banks have soared since Donald Trump's presidential victory, with Houlihan Lokey surging to a record on Friday and Evercore Partners climbing some 18% since the November 8 election to a reach an all-time high this week.
In some cases, the firms' gains have eclipsed those of their larger, deposit-rich rivals even though independents aren't in store for the same earnings boost if rates trend higher as expected and financial regulations are eased. But most of these advisory firms have something going for them that helps to justify their rally: a U.S.-centric client base and revenue stream.
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