Perella Weinberg Spins Out Funds Managing More Than $2 Billion

(Bloomberg) -- Money managers overseeing more than $2 billion are spinning out as part of the reshaping of investment bank Perella Weinberg Partners LP.

The funds being spun off include Maria Vassalou’s $700 million global macro fund, according to people with knowledge of the matter. PWP Capital Management will keep stakes or other economic interests in the funds, said the people, who asked not to be identified because the plan hasn’t been made public. Energy funds overseen by Dan Pickering with almost $1 billion under management are also among those separating, the people said.

The moves all come after Perella Weinberg separated its asset-management business from its investment bank ahead of a potential initial public offering of the latter unit. The spinoffs will still leave the asset-management division overseeing more than $10 billion, mostly in a business called Agility, which is run by Chris Bittman and provides outsourced investing solutions for endowments and foundations.

The funds being spun off also include David Baker’s almost $600 million division, which is moving to a firm run by George Weiss, the people said. Energy funds led by Diego Kuschnir were acquired by Jefferies Financial Group Inc.

Kara Findlay, a spokeswoman for Perella Weinberg, declined to comment on the fund spinoffs. A message left with Weiss Multi-Strategy Advisers LLC wasn’t immediately returned.

--With assistance from Naureen S. Malik and Michael McDonald.

To contact the reporter on this story: Sonali Basak in New York at sbasak7@bloomberg.net

To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Daniel Taub

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