Perella Weinberg Partners (PWP) and Tudor, Pickering, Holt & Co (TPH) are to planning to merge their two businesses with the combined firm adopting the Perella Weinberg Partners name.
TPH’s energy practice will continue to operate as Tudor, Pickering, Holt & Co.
Subject to customary conditions, the transaction is expected to close in the fourth quarter of 2016. Financial terms of the transaction have not been disclosed although PWP’s founding investors will remain shareholders in the combined company, with some providing additional growth capital.
The combination of the firms will create an investment banking and asset management firm with increased scale, expertise and geographic reach. The combined firm will provide financial advisory services, asset management solutions, and energy securities research, underwriting and trading services to a broad, global client base.
The combined firm will have over USD12 billion in assets under management, and more than 650 employees across eight offices in New York, Houston, London, Denver, San Francisco, Dubai, Abu Dhabi, and Calgary.
Robert K Steel (pictured), chief executive officer of Perella Weinberg Partners, says: “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. We recognise the preeminent role that TPH has built as an energy banker in North America, the respect it has earned in the industry, and its leadership and strong voice in Houston. This combination will enable us together to build further on the great achievements of TPH. 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 will continue as it is today – fast moving, knowledgeable, creative, and specialised. With deep roots in Texas and the energy industry, we are dedicated to furthering TPH’s strong and distinctive commitment to Houston, the energy capital of the world.”
Robert B. Tudor, III, chairman and CEO of Tudor, Pickering, Holt & Co, says: “Perella Weinberg Partners has a terrific reputation as a trusted advisor to executives at the world’s leading corporations and a culture of superior client service. 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. We look forward to partnering with Perella Weinberg Partners and are eager to capitalise on the opportunities this combination presents to better serve both firms’ clients.”
Joseph R Perella, chairman of Perella Weinberg Partners, says: “In our 11th year, we continue to grow and are having one of the best years for our franchise. In the advisory business, we continue to work with some of the largest, most admired companies around the world on complex assignments where trust and experience matter most. In asset management, we have grown AUM more than 20 per cent this year, and interest in our firm on the part of investment managers has never been greater. In combination with TPH’s strong year and continued outstanding performance, this transaction promises to extend the momentum and positions us well for the years ahead.”
