Perella Weinberg Partners were founded in 2006 by A-list rainmakers in the world of investment banking:
1. Joseph Perella, who made his name at First Boston (now Credit Suisse) in the 80s, founded Wasserstein, Perella & Co. in the 90s, Vice Chairman of Morgan Stanley in 2000s until the 2005 after the Morgan Stanley shareholder revolt and subsequent departure of Phil Purcell.
2. Peter Weinberg, who was the CEO of Goldman Sachs International before founding PWP.
3. Terry Meguid, who was head of global investment banking at Morgan Stanley.
Since the PWP’s relatively short history the boutique shop has been involved in high profile, multi-billion dollar deals (please go to Perella Weinberg‘s website for details). Perella, Weinberg and Meguid are currently the Chairman & CEO, Head of Advisory and Head of Asset Management business respectively.
Similar to many elite boutique firms, PWP focuses solely on advisory business, most notably M&A and restructuring, but also include government services advisory and independent special committee advisory. The asset management arm focuses on alternative investment products.
Perella Weinberg has experience rapid growth from a few professionals in 2006 to 350 employees worldwide in 2011. The firm has offices in New York, San Francisco, Austin, Denver, London, Abu Dhabi and most recently in Beijing.
The Perella Weinburg Culture
High performance. Very small teams. Senior people are very productive in most cases and expect a lot given where they come from in their previous firms, so you have to play on the balls of your feet and know your material cold. Focus is on substance and efficiency. Also very collegial, “partnership” mentality. Fun place to work, but you have to be willing to work hard and be an entrepreneur. ” ~ Existing Perella Weinburg employee for 3 years
Perella Weinberg Careers, Prospect and Salary Level
Based on 29 data points available at Vault, 1st year bankers (whom I assume to be 1st year analyst) all have a base salary of US$75K.
The salary range widens as people move up, with those with 6 years of experience having salaries from US$125K to $175K. There are limited information on bonuses but the guys who got the US$175 salary were given the bonus in the US$75K range.
By 6 years of experience in banking, it could mean 6 years of banking experience for those who work right after college, or those with 3 years of experience if they join after MBA. There can be lateral hires too with varying experience and performance. This can explain why the salary level has a relatively big range.
It is not surprising that for those with 10-15 years of experience, the range is even bigger, with the lowest base salary at US$250,000 to the highest reported salary at US$1.5 million.
The Perella Weinburg Interview
Strong technical ability. Excellent grades. Obvious drive to perform and succeed. Desire to operate in a very high performance culture.
Firm conducts first rounds where candidates meet with two or three professionals, and then conducts second round with candidate meeting up to 8 banking professional
Firm stays true to a “no-asshole” policy. Everybody is down-to-earth and approachable. Firm stays true to a “no-asshole” policy
Look for intelligent, well-rounded candidates–people who can be presentable in front of clients, since we have a lot of client interaction.
Firm culture still being developed, growing pains – The firm culture is still being developed but generally borrows heavily from the Goldman and Morgan styles from which it was spawned
highly rigorous interviewing process. Successful candidates are not only intelligent and have a demonstrated track record of achievement, but are energetic team players
the more the old line Wall Street firms act against their clients’ interests, the more PWP will benefit.
Very genteel culture, very client-centric focus on being a trusted advisor, not pushing M&A ideas onto clients. PWP has taken the best elements of old Morgan Stanley but stripped out much of the bureaucracy and politics. The firm really takes care of employees, has a very high end benefits package – which requires no employee contribution – pays junior people entirely in cash (makes a non-trivial difference at year end vs. bulge bracket pay), and other little things tickets for Yankees games, soda in the fridge etc.
“Those who are hired aren’t always perfect with their answers, but wer able to consistently able to demonstrate that they could think through problems when they come across challenges.” 1 year in firm
almost all interviewers have to like someone for that person to be hired;
Very nice offices. Real wood cubicles, offices are all made out of glass which promotes transparency and is pretty cool given that you can see what even Joe Perella and Peter Weinberg is doing at all times. Nice art hangs throughout the office.
The firm is young and still developing its culture. However, there are many senior level partners who take the time to address these issues.
Looking to hire people excited about the boutique model and who understand the advantages of this relative to bulge bracket banks. Hiring process involves a first round interview (on-campus or phone) followed by a superday consisting of 4-6 additional interviews.
Undergraduate recruiting takes place directly on campus for 4-5 schools. Resumes from other schools are submitted via email. First round interviewees are selected through a combination of scholastic achievement and relevant prior experience. On campus recruiting is typically one 30-minute interview followed by a Super Day in our offices. Selected resumes received via email typically receive 2-3 phone interviews before a Super Day. Super Days consist of at least 5 30-minute interviews.
Looking for candidates with experience, preferably a previous internship in investment banking.
Very thorough interview process. Very detailed technical questions with equally high reliance on “fit” as a factor. Looking to hire candidates that are top performers (top 5%) across the board with a unique trait (e.g., technical, interpersonal, etc.) which makes them stand out even further and adds to the team.