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Breakingviews: Perella Weinberg's new blood

Thursday, May 29, 2014 - 03:25

May 29 - Reynolds Holding and Breakingviews editors discuss what the appointment of outsider Robert Steel as CEO portends for the investment banking boutique.

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Investment banking boutique Perella Weinberg has a -- CEO and it's not one of the founders it's an outsider Bob Steele. In a situation like this can often be blocked in the water on Wall Street but senses are different case Anthony also that. Yes and it's it's not -- usual to have sit in investment banking beats seat. To have someone from outside some coming now. If it happened at a cool -- -- throwing rocks hosting a few years ago you know there's not brought in David West team devastated -- -- -- what -- is excellent right but normally you you from my from within. And the reason just say this often -- the present I don't know I'm gonna -- and I'm gonna take offs and also wanted to mom more money you know. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- who presumably were would have been candidates what. Yeah but doesn't say anything about the idea that having that if they don't have the management skills they don't want the management responsibilities are they embarrassed to. Whereas the united firstly it's Jerry -- news of struggles behind the sun is stepping on -- it would stay with Chapman. But because he's looking at least two guessing they don't have the skills that's probably not the case I think -- go -- And they got. That wonderful idea of the Wall Street has finally got a few -- -- realize what this goes on limitations right let's focus argument talks about steal on him what's his background what it's really quite different he is a very anybody it and yeah this is an advisory and asset management obesity you know what pulled steals background is. Primarily is equities he ramming his goals actually right in 2000 right. He's not. Seasonal for years and -- and I can say he's not at least threaten anyone's stories. And actually he's been business but he also has a connection I mean it's easy minutes until recently the deputy mayor if he does either -- you how does that help. Well it isn't -- contacts with the in government he's the document on both decking and at full economic development right fullback he spent two years of the treasury. Covering that's -- clear how that's a big steel firm hootie and -- mesa -- Should strike and I guess -- it where they spent is that it's very very often these days we doing global what the government and we have a fully wouldn't. Fine sounds great these guys the guys that can still go and its what does not do bring it brings that little bit of -- diplomacy may even have a lot of other big -- In the room be so pro arbour started the year before -- was the company did. And most of us went public so does this give us some sort of signal that there's a little they are saying apps there -- -- office and I see what -- as one of the crisis that sort of sense -- and it -- distance that your press he said that. That is not quite weak. Was a wave of anyone just my guess we could have done I can't quite happily. With any of us sort ascent and entry apple still more he's more of a figurehead I think than than anyone else -- pop Gerry credit. Prop lucky because he has this speaks to this -- new York and the treasury. He was also the -- not forget he ran what kind of you for a week or two until they go -- by -- Wells Fargo and events it's not they have to give him under the necessity you're right that's why it's interesting stuff will be -- watching to see what happens in the meantime stay tuned for more breaking news tomorrow.

Breakingviews: Perella Weinberg's new blood

Thursday, May 29, 2014 - 03:25

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