Asset management firm Perella Weinberg Partners (PWP) and energy boutique bank Tudor, Pickering, Holt & Co (TPH) have agreed merge and create a new entity, which will have over $12bn in assets under management (AUM).
The newly created investment banking and asset management entity will be called Perella Weinberg Partners, while TPH's energy practice will continue to operate under its name.
The combined entity will offer a range of services, including financial advisory, asset management solutions, and energy securities research, underwriting and trading services to global client base.
Perella Weinberg Partners will employ more than 650 people across eight offices in New York, Houston, London, Denver, San Francisco, Dubai, Abu Dhabi, and Calgary.
Terms of the transaction, which is expected to close in the fourth quarter of 2016, were not disclosed.
Perella Weinberg Partners CEO Robert Steel said: “The addition of TPH’s premier energy capabilities and market presence presents significant opportunities for immediate and long-term growth in service to our clients. This combination will enable us together to build further on the great achievements of TPH.
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“We believe TPH’s strong suite of asset management strategies and solutions are poised to benefit from recovery in the energy market and well-suited to drive further growth and value for investors.
“The combination also adds TPH’s securities business, renowned for its deep domain research and thought-leadership, which will strengthen our ability to provide industry knowledge. We are excited to work together to better serve our clients.”
TPH chairman and CEO Robert Tudor, III said: “We believe our clients and employees will benefit meaningfully from a TPH with broader global reach, expertise in new areas, and greater access to capital. Our longstanding personal and professional relationships with PWP’s leadership team give us great confidence that the two firms will be even better together.”
The new business will be led by Perella, Steel, head of advisory Peter Weinberg, and co-head of asset management Tarek Abdel-Meguid.
PWP former chief financial officer Aaron Hood will join Meguid as a co-head of Perella Weinberg Partners’ asset management business. Alexandra Pruner, who was former CFO of TPH, will become CFO of Perella Weinberg Partners.
R. Maynard Holt will act as TPH CEO, while Robert Tudor III will continue his role as chairman and CEO, and join PWP executive committee.