Perella Weinberg Partners has announced that Robert K. Steel has joined the Firm and will become Chief Executive Officer, effective July 7, 2014.
Joseph Perella will continue in an active role as Chairman, while co-founders Terry Meguid and Peter Weinburg will remain in their roles as Co-Head of Asset Management and Head of Advisory, respectively.
Steel’s career of almost 40 years in financial services includes both public and private sector experience. Most recently he was New York City’s Deputy Mayor for Economic Development under Mayor Michael Bloomberg, where he spearheaded the Administration’s major redevelopment projects. As CEO of Wachovia Corporation in 2008, Mr. Steel oversaw the sale of the bank to Wells Fargo & Co. and served on the Wells Fargo board of directors until 2010. From 2006 to 2008, he was the Under Secretary for Domestic Finance at the U.S. Department of the Treasury. Prior to entering government service, Mr. Steel spent nearly 30 years at Goldman Sachs, ultimately rising to become Head of the Global Equities Division and Vice Chairman of the firm.
'Ever since we founded Perella Weinberg Partners eight years ago, our goal has been to create a firm where the client is the center of our universe, and our sole objective is to meet their need for independent and unbiased advice as it relates to their critical strategic, financial and investment decisions', said Perella. 'With more than 400 people across our businesses, we are pleased with our growth and we remain committed to our client-focused partnership model. Bob will be instrumental in helping us build on our success and momentum. Most importantly, he understands and appreciates our model and has demonstrated exceptional skill in successfully managing growth in challenging and evolving market environments'.
Perella continued, 'Bob has been highly effective in building public and private sector relationships. His insight into economic expansion and the unique role governments play in economic growth and client planning will make him an invaluable asset for the Firm and its clients in this transforming landscape. We could not be more pleased that Bob has chosen to join us at this point in his distinguished career. All of us at Perella Weinberg Partners will benefit from his skills, energy and counsel in the years ahead, and I look forward to working with him'.
Steel said, 'Thanks to the vision of the founders, Perella Weinberg Partners has become a respected leader in advisory and asset management in a very short period of time. Joe, Peter and Terry are second to none when it comes to financial expertise and deep client relationships, and I am honored to associate with all of the extremely talented people at the Firm and to become part of the leadership team as the Firm enters its next stage of growth'.
Peter Weinberg, Co-Founder and Head of Advisory, said, 'I’ve known Bob since our days at Goldman Sachs. He has always had the respect of his peers and maintained a stellar reputation for being one of the most thoughtful, able and high-integrity people in our industry. I am pleased to be working alongside him again as we seek to guide Perella Weinberg Partners during its next chapter'.
Terry Meguid, Co-Founder and Co-Head of Asset Management, said, 'Bob has an outstanding track-record of success, innovation and contributing meaningfully to the private and public sectors. This is an extraordinarily opportunity-rich time for our business and we look forward to sharing in Bob’s experience, perspective and judgment'.
Since inception, the Firm’s Advisory business has advised on more than $750bn of transactions. Most recently, Perella Weinberg Partners has advised on several noteworthy engagements, including advising Mondelez on its joint venture with D.E. Master Blenders, a stakeholder on Energy Future Holdings’ $50bn restructuring, Numericable’s €15.5bn acquisition of SFR from Vivendi, Ziggo on its €10bn sale to Liberty Global, Google on its share recapitalization, Kabel Deutschland on its €10.7bn sale to Vodafone, Hostess Brands on its restructuring and sale of assets, Blackberry on its recapitalization, and NYSE Euronext on its $10.2bn sale to IntercontinentalExchange.
The Firm’s Asset Management business consists of multiple alternative investment solutions, including an asset based strategy, long/short equity, global macro, long-only European equity, and an event driven and special situation hedge fund strategy. In addition, the Firm has two European real estate private equity vehicles and a growth-capital focused middle market private equity strategy; it also operates an outsourced CIO capability. Launched in 2007, the business has grown to manage approximately $11.5bn in assets, providing solutions to more than 300 institutional investors globally, including public and private pension funds, sovereign wealth funds, foundations, endowments, and family offices. The Firm’s assets under management increased 22% in 2013 and have grown more than 7% during 2014.