Is it worth leaving a large investment bank for a boutique? Yes, if that boutique is Perella Weinberg. The M&A-focused bank has just released its UK accounts for the year ending the 31st December 2017. They reveal that Perella Weinberg UK Partners LLP paid its 87 employees an average of £331k ($431k) per head last year.
If you're a partner ('member') at Perella, your pay is predictably more lavish still. There were eight such members at Perella Weinberg UK Partners last year and they had £16m in profit divided between them. The most highly remunerated member received £3.2m, up from £1.7m one year earlier.
This generosity came on the back of a strong year for both revenues and profits. The former were up 31% last year, to £66m. The latter were 95% to £16m. Champagne all round.
Except... Perella's pay packages aren't quite so spectacular when they're compared to the compensation on offer at rival boutiques and independent banks. Evercore is on track to pay $600k per person this year. PJT Partners is heading for $750k. Comparatively speaking, investment bankers at Perella Weinberg in London look like poor relations.
Worse, it looks like Perella Weinberg might have trimmed a few staff last year. - It ended 2017 with four fewer people than in 2016. More recently, the firm hired Alex Wilmot-Sitwell, the former head of Bank of America Merrill Lynch in London, who left after an alleged disagreement about Brexit strategy. Wilmott Sitwell arrived on September 3rd according to company filings.
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