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Perella Hires Two Top Goldman Restructuring Bankers

Perella Hires Two Top Goldman Restructuring Bankers

(Bloomberg) -- Perella Weinberg Partners LP has hired Clinton Ray and Guy Morgan from Goldman Sachs Group Inc. to expand its European restructuring business.

The bankers will start at Perella Weinberg in London this June, the firm said in a statement Monday, confirming an earlier Bloomberg News report. Ray, who led Goldman’s restructuring business in Europe, the Middle East and Africa for about three years, will join Perella Weinberg as a partner, according to the statement.

Ray previously worked at Morgan Stanley, JPMorgan Chase & Co. and Clifford Chance LLP, his LinkedIn profile shows. Morgan, who will be a managing director at Perella Weinberg, has headed Goldman’s liability management group in EMEA since 2011. Before that, he worked at Deutsche Bank AG.

Perella Weinberg has been expanding across the globe in recent years, opening offices in Europe and the U.S. and preparing for a potential initial public offering this year. Recent hires include Marcus Schenck, previously a top investment banker at Deutsche Bank, as well as former Bank of America Corp. dealmaker Alex Wilmot-Sitwell.

“We’ve always wanted a fully fledged restructuring effort in Europe, having seen how well it worked in the U.S.,” Dietrich Becker, head of European advisory at Perella Weinberg, said in an interview. “From a cyclical perspective, it’s also certainly a good thing to have in addition to our other advisory disciplines.”

“Just think about what’s happening in retail and automotive, around power train and digitalization -- many of our clients are focused on executing their own transformations, and in some case under pressure from public markets and activists or potential takeovers,” Becker said.

In 2016, Perella Weinberg acquired energy advisory boutique Tudor, Pickering Holt & Co. and hired Bruce Mendelsohn from Goldman Sachs, boosting its presence in restructuring. He has built out Perella’s restructuring and capital structure advisory franchise since then, and the hiring of Ray and Morgan may help replicate that growth in Europe.

Asked whether Perella Weinberg is looking to add more people in restructuring and across the firm, Becker said: “If we can attract more talent that’s going to be accretive, synergistic and fits our strategy, then we will absolutely continue to hire people.”

The New York-based firm was founded in 2006 by Wall Street veterans Joe Perella and Peter Weinberg and competes with the world’s biggest banks in advising on mergers and acquisitions and restructurings.

To contact the reporters on this story: Aaron Kirchfeld in London at akirchfeld@bloomberg.net;Sonali Basak in New York at sbasak7@bloomberg.net

To contact the editors responsible for this story: Daniel Hauck at dhauck1@bloomberg.net, ;Michael J. Moore at mmoore55@bloomberg.net, Peter Eichenbaum, Amy Thomson

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