US boutique banks Perella Weinberg and Tudor, Pickering, Holt and Co announce merger

William Turvill
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The combined group will have have $12bn in assets under management (Source: Getty)

Two high-profile US boutique investment banks, Perella Weinberg and Tudor, Pickering, Holt and Co (TPH), have agreed a merger.

Perella, the lead adviser to Deutsche Boerse for its £21bn merger with the London Stock Exchange, said the deal is expected to close this year.

Read more: LSE and Deutsche Boerse: Behind the deal

The combined firm will be known as Perella Weinberg, have $12bn in assets under management and more than 650 employees working across New York, Houston, London, Denver, San Francisco, Abu Dhabi and Calgary.

“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,” said Robert Steel, chief executive of Perella.

“We recognise the pre-eminent 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.

Read more: US boutique investment bank shares suffer as Brexit dampens M&A prospects

“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.”

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