Revenues at the boutique investment bank Perella Weinberg Partners declined around 9 per cent in 2020, widening the gap behind larger and faster-growing rivals, according to regulatory filings for its forthcoming stock market listing.
The glimpse at its financial performance came as the New York-based company confirmed plans to go public via a merger with a blank-cheque company created by banking tycoon Betsy Cohen.
The transaction values PWP at just under $1bn and was pitched by the company as an opportunity to clean up its corporate structure and grow its deal advisory business, as it seeks to keep pace with listed rivals such as PJT Partners, Moelis & Co and Evercore.
PWP is forecast to have generated about $485m in revenues this year, compared to $533m in 2019, filings show. The decline compares to a projected 2 per cent increase in revenues at Moelis and 37 per cent growth at PJT.
PWP, founded in 2006 by legendary Wall Street dealmaker Joe Perella and former Goldman Sachs executive Peter Weinberg, remains smaller than peers.
With the exception of a blockbuster year in 2018 — when PWP cashed in a huge fee for advising AT&T on its $85bn takeover of
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