NEW YORK–(BUSINESS WIRE)–Perella Weinberg Partners today announced that it has reached an amicable agreement, resolving all litigation and outstanding issues with David Schiff, the Asset Based Value Strategy Portfolio Manager & Partner, along with Partners Andrew Dym and Mark McGreenery (“the ABV Investment Team”). Under the terms of the agreement, the ABV Investment Team will separate and transition to a new to be formed independent registered investment advisor that will become a sub-advisor to the existing funds. This transition will provide the necessary investment management continuity for the remaining term of the $1.7 billion of assets under management so that the Investment Team can continue to maximize value for investors.
“The Firm, David and the ABV Investment Team and our investors had a successful seven-year relationship. During this time the ABV products provided strong risk-adjusted returns to our investing clients. We thank the Investment Team for their contributions and wish them well in their future endeavors.”
Robert K. Steel, Chief Executive Officer, Perella Weinberg Partners, stated, “The Firm, David and the ABV Investment Team and our investors had a successful seven-year relationship. During this time the ABV products provided strong risk-adjusted returns to our investing clients. We thank the Investment Team for their contributions and wish them well in their future endeavors.”
David Schiff, Portfolio Manager & Partner of the Asset Based Value Strategy, stated, “Since 2008, we’ve had the pleasure of building our strategy on a first-rate alternative investment platform. We are pleased to have worked with Perella Weinberg Partners on this agreement, which provides the ABV Investment Team the opportunity to continue to work together in order to maximize value for our investors. At the same time, this agreement will provide our portfolio companies and their management teams continuity and stability of oversight, management, and support. Perella Weinberg Partners has been a great business partner and we wish the firm the very best.”
About Perella Weinberg Partners
Perella Weinberg Partners is a leading independent, client-focused financial services firm providing advisory and asset management services to a broad, global client base, including corporations, institutions and governments. The Advisory business advises clients on mergers, acquisitions, defense advisory, financial restructuring, private capital raising, and pension matters. The Asset Management business includes a suite of hedge fund strategies, private investment funds and outsourced CIO solutions. Together with its affiliates, the Asset Management business has capital commitments and managed assets of approximately $8.6 billion. With approximately 450 employees, Perella Weinberg Partners maintains offices in New York, London, Abu Dhabi, Denver, Dubai, and San Francisco. For more information on Perella Weinberg Partners, please visit www.pwpartners.com.
Contacts
Perella Weinberg Partners Media:
Perella Weinberg Partners
Kara Findlay, +1-212-287-3197
or
Sard Verbinnen & Co
Denise DesChenes/Renée Soto
+1-212-687-8080
