Tudor, Pickering, Holt & Co. completes merger with New York firm

Houston energy investment bank Tudor, Pickering, Holt & Co. completed its merger to become part of a larger New York investment that now has a combined $12 billion in investments under management, the firms announced.

The 175-person Houston boutique firm keeps the Tudor, Pickering name and now operates as the energy practice for the bigger Perella Weinberg Partners firm, they said. The merged firm has 650 employees across eight offices in New York, Houston, London, Denver, San Francisco, Dubai, Abu Dhabi, and Calgary.

Perella Weinberg acquired the majority ownership of Tudor, Pickering, but the two privately held firms declined to disclose the financial terms of the deal.

The recent oil bust is creating more consolidation and bankruptcies within the energy sector, and now those mergers are extending into associated investment and banking spaces. Early this year, investment banking firm Piper Jaffray bought Houston-based energy investment bank Simmons & Co. International for $139 million.