Perella Weinberg Partners (PWP) and Tudor, Pickering, Holt & Co. (TPH) have agreed to merge, confident that together they can jumpstart growth with a combined $12 billion in assets under management.

The agreement’s financial terms weren’t disclosed in a Nov. 14 press release. The transaction will add nearly $2 billion of assets under management to PWP’s asset management business and accelerate growth through the combination of TPH’s energy investment offerings and PWP’s asset management business.

Combined, the firms say they will accelerate growth strategies by joining TPH’s energy investment products and research and PWP’s advisory services and asset management platform.

The merged company will be called Perella Weinberg Partners. TPH’s energy practice will continue to operate as Tudor, Pickering, Holt & Co.

TPH has advised on transactions worth more than $175 billion in the upstream, infrastructure and oilfield service sectors and participated in more than $75 billion of capital markets transactions with a focus on IPOs.

The Houston firm has been involved in transactions across the U.S. including the Permian (40 deals, $40 billion); the Bakken (13 deals, $18 billion); and the Eagle Ford and Midcontinent (31 deals, $25.2 billion).

The company will employ 650 people in New York, Houston, London, Denver, San Francisco, Dubai, Abu Dhabi and Calgary.

PWP, a global asset management company, has nearly $9 billion in assets under management.

PWP CEO Robert K. Steel said TPH adds premier energy capabilities and market presence to generate immediate and long-term growth.

“We recognize the preeminent 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,” Steel said. “We believe TPH’s strong suite of asset management strategies and solutions are poised to benefit from recovery in the energy market and [are] well-suited to drive further growth and value for investors.”

R. Maynard Holt, TPH co-president and co-head of investment banking, said the firm’s mission has been to become a preeminent global adviser and clear thought leader in energy.

“We are particularly excited about PWP’s longstanding Middle Eastern presence and relationships, its restructuring business as well as the firm’s global footprint,” he said.

Robert B. Tudor III, chairman and CEO of TPH, said PWP has a reputation as a trusted adviser to executives at the world’s leading corporations and a culture of superior client service.

“We believe our clients and employees will benefit meaningfully from a TPH with broader global reach, expertise in new areas, and greater access to capital,” he said. “Our longstanding personal and professional relationships with PWP’s leadership team give us great confidence that the two firms will be even better together.”

Holt will assume the role of TPH CEO while Tudor will continue in his role as chairman. As chairman, Tudor will join the executive committee at PWP and will spearhead the drive to capture opportunities created by the combination of the two firms.

Darren Barbee can be reached at dbarbee@hartenergy.com

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