(Bloomberg) -- Perella Weinberg Partners, the firm founded by Joseph Perella and Peter Weinberg, hired Joseph Lovell from Wells Fargo & Co. to advise on deals involving asset managers.
Lovell will be based in New York as a managing director, Perella Weinberg said Thursday in a statement. He will be a member of the financial institutions group, working closely with Titus Leung, a partner.
Perella Weinberg has been expanding work with financial clients, hiring Morgan Stanley's Mauro Rossi for insurance dealmaking this year. Asset managers are seeking combinations as they contend with low interest rates and greater competition from lower-fee businesses entering the market.
“We expect to see increased transaction activity among asset managers due to continued globalization, new regulations and evolving investor demands across asset classes, vehicles and distribution channels,” Peter Weinberg said in the statement. “Joe's global experience, particularly with clients in the asset-management industry, is a welcome addition.”
Mergers in the industry this year include Janus Capital Group Inc.'s agreement this week to combine with Henderson Group Plc to create a business that will oversee about $320 billion. The advisers on that deal included boutique investment banks Centerview Partners and Steve Niemczyk's Loeb Spencer House Partners.
Lovell previously worked on finance deals at Credit Suisse Group AG and began his career at Fox-Pitt Kelton, according to the statement. AnnMarie McDonald, a spokeswoman for San Francisco-based Wells Fargo, had no immediate comment.
To contact the reporter on this story: Sonali Basak in New York at sbasak7@bloomberg.net. To contact the editors responsible for this story: Dan Kraut at dkraut2@bloomberg.net, Steven Crabill
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
