Joseph Perella

Nasdaq out for more SPAC business

Tue, 04 Mar 2008 06:59:57 -0500

Blank check companies are all the rage. Investment Dealers' Digest notes that the likes of Bruce Wasserstein, Joseph Perella, Thomas Hicks, Nelson Peltz and Ronald Perelman all have formed blank check companies. And the list is likely to grow. SPACs accounted for 25 percent of IPOs in 2007. The American Stock Exchange has benefitted, listing 50 blank check companies. Some of them switch to the Nasdaq once they make a deal, but the Nasdaq, whose existing rules don't allow blank check companies without assets to trade, wants more IPO activity. To that end, it has proposed some rule changes.

For more:
- here's the article from Investment Dealers' Digest

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Perella Weinberg lands role in hedge fund offering

Wed, 27 Jun 2007 20:01:37 -0400

Perella Weinberg drew some unwelcome press this year for what some discerned as its lack of activity on the deal front. Given the stature of Joseph Perella, many assumed that it would be an instant powerhouse. It didn't pan out that way. But just recently, the giant has stirred a bit. According to Financial News Online, Perella Weinberg, set up in June of 2006, has won the sole role to advise hedge fund GLG on its bid to go public via a merger with a "blank check" holding company called Freedom Acquisition Holding. It's unclear whether this will mark a reversal of fortune for the boutique or if other such deals are in the works. But the firm has always said it is building out a fairly broad firm, not just a merger shop. Most assume it is here to stay.

For more:
- here's the article from Financial News Online

Morgan Stanley's 2005 rebels

Thu, 26 Apr 2007 20:01:34 -0400

Remember the heady days of Phil Purcell's final stand at Morgan Stanley. A group of big-name executives, infuriated that Purcell would not step down, quit in protest, charging that the then-CEO had ruined the firm. Well, what has become of the rebels? It's fair to say that there is life after Morgan Stanley. Most famously, Vikram Pandit, John Havens and Guru Ramakrishnan quickly formed hedge fund Old Lane Capital and promptly sold it to Citigroup for more than $600 million and lucrative jobs. Joseph Perella also formed his own boutique, where a number of Morgan Stanley pirates now work. Stephen Crawford was a co-founder of Centerview Partners. Vikram Gandhi is now head of global financial institutions at Credit Suisse. Jon Anda, former co-head of capital markets is now president of Environmental Defense's environmental markets network.

For more:
- here's the Financial News Online article

Wall Street memoir chronicles farts, fortunes

Sun, 02 Jul 2006 20:01:39 -0400

Just how juicy is Jonathan Knee's memoir, The Accidental Investment Banker? Well, he describes a meeting with Joseph Perella as marked by "dozing off and occasional flatulence," according to The New York Times account. The timing of his memoir is odd. It comes just as his firm, Evercore Partners, is planning to go public. A skewering of the industry may not dovetail with that. But, it looks to be highly entertaining.

> Here's the article.

Perella, Weinberg opens its door

Wed, 14 Jun 2006 20:01:39 -0400

After what seemed like a long wait, Joseph Perella's boutique is open for business under the name Perella, Weinberg. Peter Weinberg was formerly in charge of Goldman Sachs's European business. His grandfather, Sidney Weinberg, is something of a legend, known as the "father" of Goldman. You can bet it's going to be an instant force, though talk of an initial public offering has subsided a bit.

> Here's the article from The New York Times.

Perella forms alliance with Mitsubishi

Sun, 21 May 2006 20:01:39 -0400

The worst secret on Wall Street is that Joseph Perella is forming his own boutique. A better secret is what the firm will actually be named. No news there. But there is news of an alliance between Perella's firm and Mitsubishi UFJ Securities. The alliance involves a $100 million investment by Mitsubishi. A formal announcement of the firm's details seems fairly close. Most people expect the firm to be an instant powerhouse, raising some obvious questions (see next item).

> Here's a New York Times article.

Another boutique bank to go public

Sun, 21 May 2006 20:01:38 -0400

That Evercore Partners, the boutique founded by Roger Altman, is going public is not surprising news. After Greenhill & Co., Lazard and Thomas Weisel Parters showed the way, you have to wonder if all boutiques aren't at least considering it. People are already speculating about when Joseph Perella's firm will go public; it hasn't even been formally launched yet. The bigger question is how many of these issues the market can sustain. At some point, there may be a reckoning.

> Here's a New York Times article.

Greenhill earnings strong

Thu, 20 Apr 2006 20:01:36 -0400

The rise of boutique investment banks run by some very big names has been a big story on Wall Street recently. The coming launch of Joseph Perella's firm will be widely watched. Judging by the earnings of Greenhill & Co., the idea is certainly being validated. The firm posted earnings of 93 cents a share vs. the average estimate of 86 cents a share. Merchant banking revenues were especially strong.

> Here's an update from MarketWatch.

Perella hires another big name banker

Thu, 23 Mar 2006 19:01:37 -0500

We noted recently that Joseph Perella, who is putting together his own banking boutique, recently made some big hires. His latest coup is Morgan Stanley banker Dietrich Becker, a veteran in industrial mergers and acquisitions. He will join the still-unnamed firm as a partner. Becker, a managing director at Morgan Stanley, joined Morgan Stanley in 1998 and was well-known for his work on several large deals including the merger of Mannesmann and Vodafone.

> Here's an article from TheStreet.com.

Perella seems to have some early momentum

Mon, 20 Mar 2006 19:01:38 -0500

As all of Wall Street knows, Joseph Perella is putting together this own boutique, as yet unnamed. Judging by his hires, he's having great success. The most recent addition is Bernard Gault of Morgan Stanley's Europe banking team. He will become a London-based partner. Phillip Yates of Merrill Lynch has also accepted a position. He will also be a London-based banker. So it would seem the inchoate firm has London covered.

> Here's a Forbes article.