The rumors swirling around Joseph Perella's new firm turned out to be true. It all started Wednesday morning when CNBC's Squawk Box and related blog reported that Perella probably would officially announce the boutique Thursday morning. While the story was thinly sourced, vindication came this morning, when indeed Perella issued a press release. In addition to announcing the firm's full name, Perella Weinberg Partners, Perella also announced it would have $1 billion in capital on hand mostly from
Mitsubishi UFJ Financial Group Inc. and Dubai's Istithmar PJSC and 30 bankers in New York and London. Ahead of the official announcement, all Wednesday speculation mounted across the blogosphere about the name that the bank would take. Starting with the folks at Dealbreaker, who surmised it would be Perella Weinberg because the Internet domain PerellaWeinberg.com was reserved. Not to be outdone by Dealbreaker, The New York Times' Dealbook blog posted a report that indeed the boutique's name would be Perella Weinberg, but unlike Dealbreaker, Dealbook cited unnamed sources at the firm. Of course Perella didn't want the bloggers to have the last laugh, so in turn, the bank decided to use PWpartners.com as its Web address.—Matthew Wurtzel
See story from Bloomberg
See story from The New York Times
See Perella Weinberg Partners Web site
See post from Dealbook
See post from Dealbreaker
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