Investment bank Perella Weinberg plans to name Peter Weinberg as CEO: source

FILE PHOTO: Peter Weinberg, head of advisory at Perella Weinberg Partners, speaks during a Reuters Breakingviews panel in New York, U.S. January 10, 2017. REUTERS/Lucas Jackson

(Reuters) – Investment bank Perella Weinberg Partners plans to name Peter Weinberg as its chief executive officer with current CEO Robert Steel set to become the company’s chairman, a person familiar with the matter told Reuters on Thursday.

Weinberg founded the company with veteran deal maker Joe Perella in 2006. It currently manages assets worth about $13.8 billion, according to its website bit.ly/2Ciff0C.

Perella will be named chairman emeritus, the person said.

Perella Weinberg declined to comment on the leadership changes.

Bloomberg reported in September that the company has hired banks for an initial public offering, which could value the New York-based firm at around $1.5 billion. The company was also preparing to separate its asset-management division ahead of the IPO.

Perella Weinberg has been part of some of the biggest deals in the United States, including the $3.2-billion buyout of SodaStream by PepsiCo and American International Group’s $5.56-billion acquisition of reinsurer Validus Holdings.

The leadership changes were reported earlier by Bloomberg and the Financial Times.

Reporting by Kanishka Singh in Bengaluru; Editing by Sonya Hepinstall

Filed in: Top News Tags: 

You might like:

Asset managers brace for more job cuts amid market turbulence Asset managers brace for more job cuts amid market turbulence
LJM Partners sues unnamed 'manipulators' it blames for volatility losses LJM Partners sues unnamed 'manipulators' it blames for volatility losses
Investors punish poorly performing hedge funds by pulling billions Investors punish poorly performing hedge funds by pulling billions
A.J. Gallagher’s 'clean coal' business draws ire of green investors A.J. Gallagher’s 'clean coal' business draws ire of green investors
Return of risk-on fuels worst government debt outflows since October: BAML Return of risk-on fuels worst government debt outflows since October: BAML
Gulfport pledges share buybacks after hedge fund demand Gulfport pledges share buybacks after hedge fund demand
Trian to skip PPG board challenge after new commitments: sources Trian to skip PPG board challenge after new commitments: sources
Your Money: The words and wisdom of Jack Bogle Your Money: The words and wisdom of Jack Bogle

Leave a Reply

Submit Comment
© 2019 Stock Investors News. All rights reserved. XHTML / CSS Valid.