Perella Weinberg Partner’s Asset Based Value (ABV) Investment Team led by ABV Strategy Portfolio Manager & Partner, along with Partners Andrew Dym and Mark McGreenery, is to separate from the business and set-up as an independent registered investment advisor.
The new RIA will then become a sub-advisor to the existing funds providing investment management continuity for the remaining term of the USD1.7 billion of assets under management.
Robert K Steel (pictured), Chief Executive Officer, Perella Weinberg Partners, says: “The Firm, David and the ABV Investment Team and our investors had a successful seven-year relationship. During this time the ABV products provided strong risk-adjusted returns to our investing clients. We thank the Investment Team for their contributions and wish them well in their future endeavours.”
Schiff, Portfolio Manager & Partner of the Asset Based Value Strategy, says: “Since 2008, we’ve had the pleasure of building our strategy on a first-rate alternative investment platform. We are pleased to have worked with Perella Weinberg Partners on this agreement, which provides the ABV Investment Team the opportunity to continue to work together in order to maximize value for our investors. At the same time, this agreement will provide our portfolio companies and their management teams continuity and stability of oversight, management, and support. Perella Weinberg Partners has been a great business partner and we wish the firm the very best.”
