Perella Weinberg Partners Overview and Partner Promotions

Perella Weinberg Partners is a leading global investment bank that provides advisory and capital raising services to corporations, institutions, and governments. Founded in 2006 by Joseph Perella and Peter Weinberg, the firm has grown rapidly and now has over 500 employees worldwide.

The firm's success can be attributed to its unique approach to investment banking, which combines deep industry expertise with a global perspective. Perella Weinberg Partners has advised on some of the most significant transactions in recent history, including mergers, acquisitions, and equity and debt financings.

One of the key factors behind the firm's success is its strong partnership culture. The firm's partners are experienced investment bankers who have a deep understanding of the industries they serve. This expertise is a major differentiator for the firm and has helped it to attract and retain top talent.

Perella Weinberg Partners's ~$870k per head pay is out of control. This staggering figure is a result of the bank's abnormal generosity in compensating its employees.

The bank paid out $609m in compensation across the entirety of 2023, which is 94% of its revenues. This is a significant allocation of resources, especially considering its revenues were $649m.

PWP's compensation spending has increased over the years, with $839k per head paid out in 2022. The bank's employee count has also grown, with approximately 700 employees in 2023, up from 650 in 2022.

The bank's rivals are also paying their employees handsomely, with PJT paying $800k per head last year and Moelis & Co. paying $622k per head. Moelis also spent 83% of its revenues on compensation in 2023, a significant increase from 68% in 2022.

PWP's higher compensation spending can be attributed to severance spending and increased business performance. The bank's need to compete with rivals is driving up its compensation costs.

In the last quarter of 2023, PWP paid out $215m in compensation, which is more than its revenues of $213m. This is a worrying trend, especially considering the bank's abnormal generosity in compensating its employees.

Perella Weinberg Partners offers asset management services through its Agility brand, which provides outsourced CIO services to long-term investors.

Agility manages assets of approximately $13.5 billion, making it a significant player in the asset management industry.

The Agility Fund, managed by Chris Bittman, has received recognition for its performance, being named Outsourced CIO of the Year by Institutional Investor in 2017, 2015, and 2014, and by Foundation & Endowment Intelligence in 2013.

Perella Weinberg Partners is a financial services company established in 2006, and it operates as a bank based in New York City, listed on the Nasdaq.

Our leadership team has a wealth of experience, with Andrew Bednar being named CEO on January 1, 2023.

Dietrich Becker has been a Partner at Perella Weinberg since its founding in 2006 and has been a key figure in the company's success.

Peter Weinberg, the co-founder of Perella Weinberg, previously served as the CEO of Goldman Sachs International in London and co-headed the Global Investment Banking Division.

Andrew Bednar and Dietrich Becker have also served as Co-Presidents for some time, bringing their expertise to the role.

Perella Weinberg operates an asset management business under the brand Agility, which is an outsourced CIO provider for long-term investors.

Agility managed assets of approximately $13.5 billion.

The Agility Fund was named Outsourced CIO of the Year by Institutional Investor in 2017, 2015, and 2014, and by Foundation & Endowment Intelligence in 2013.

Perella Weinberg Partners' Agility Fund has received recognition for its exceptional performance in asset management.

Perella Weinberg Partners was established in 2006, the same year its asset management business was founded.

Here are some key facts about Perella Weinberg Partners' asset management business:

Perella Weinberg Partners has a notable transaction under its belt - the acquisition of Cowen by TD Bank. This deal was announced in August 2022.

The transaction involved Toronto-Dominion Bank acquiring Cowen Inc. for a total value of US$1.3 billion, paid in cash.

This deal showcases the firm's expertise in advising on major transactions.

For your interest: Td Cowen Acquisition