Robert K Steel has joined investment advisory and asset management firm Perella Weinberg Partners as chief executive officer, with effect from 7 July 2014.
Joseph Perella will continue in an active role as chairman, while co-founders Terry Meguid and Peter Weinberg will remain in their roles as co-head of asset management and head of advisory, respectively.
Steel’s (pictured) 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, Steel oversaw the sale of the bank to Wells Fargo 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 US Department of the Treasury.
Prior to entering government service, 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 centre 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,” says 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.”
Steel says: “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 honoured 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.”
Since inception, the firm’s advisory business has advised on more than USD750 billion of transactions.
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.