Asset management firm Perella Weinberg Partners will strengthen its energy expertise through the merger.

Perella Weinberg Partners is to merge with Tudor, Pickering, Holt & Co, an investment manager and bank focused on the energy sector, to create a firm with over $12 billion in assets under management.

The combined firm, which will take the name of Perella Weinberg Partners, will provide financial advice, asset management, and energy securities research, underwriting and trading services to a global client base. It will have more than 650 employees across eight offices in New York, Houston, London, Denver, San Francisco, Dubai, Abu Dhabi, and Calgary.

PWP’s founding investors will remain shareholders in the combined company, with some providing additional growth capital. Further details of the deal, which is expected to complete by the end of 2016, were not disclosed. 

TPH’s energy practice, which has nearly $2 billion in assets under management, will continue to operate as Tudor, Pickering, Holt & Co. Texas-headquartered PWP has around $10.2 billion in assets under management.

The enlarged firm will be led by chairman Joseph Perella, chief executive Robert Steel, head of advisory Peter Weinberg, and co-head of asset management Tarek Abdel-Meguid. Aaron Hood, previously CFO for PWP, will join Meguid as co-head of PWP’s asset management business. Alexandra Pruner, previously CFO of TPH, will serve as CFO.

Meanwhile, R. Maynard Holt has been appointed TPH’s new CEO, replacing Robert Tudor III, who will continue in his role as chairman, joining PWP’s executive committee. Dan Pickering will be president and chief investment officer of the energy asset management business, and will join the leadership of the combined asset management business.