FILE PHOTO: Peter Weinberg, head of advisory at Perella Weinberg Partners, speaks throughout 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 government officer with present CEO Robert Steel set to turn out to be the corporate’s chairman, an individual acquainted with the matter informed Reuters on Thursday.
Weinberg based the corporate with veteran deal maker Joe Perella in 2006. It presently manages belongings value about $13.eight billion, in accordance to its web site bit.ly/2Ciff0C.
Perella can be named chairman emeritus, the individual stated.
Perella Weinberg declined to touch upon the management modifications.
Bloomberg reported in September that the corporate has employed banks for an preliminary public providing, which might worth the New York-based agency at round $1.5 billion. The firm was additionally getting ready to separate its asset-management division forward of the IPO.
Perella Weinberg has been a part of a number of the largest offers within the United States, together with the $three.2-billion buyout of SodaStream by PepsiCo and American International Group’s $5.56-billion acquisition of reinsurer Validus Holdings.
The management modifications have been reported earlier by Bloomberg and the Financial Times.
Reporting by Kanishka Singh in Bengaluru; Editing by Sonya Hepinstall