Investment banks Perella Weinberg Partners and Tudor, Pickering, Holt & Co. agreed to combine into a financial firm with more than $12 billion in assets under management and an arm focused on the energy sector.

Financial terms of the deal, expected to close by year's end, weren't provided.

The combined company, which will keep the Perella Weinberg Partners name, will provide financial advisory services, asset management solutions, and energy securities research, underwriting and trading services. Tudor, Pickering, Holt's energy practice will continue to operate under the Houston firm's name.

The companies expect the deal to improve Perella Weinberg's capabilities in the energy sector and adjacent sectors such as chemicals and diversified industrials.

For Tudor, Pickering, Holt, the combination is expected to expand its footprint in the Middle East and Europe; add offerings such as restructuring; and increase its capabilities in areas like shareholder activism advice and capital markets.

The combined firm will have more than 650 employees across eight offices and be led by Chairman Joseph R. Perella and Perella Chief Executive Robert K. Steel.

R. Maynard Holt?currently co-president of Tudor, Pickering, Holt?will assume the role of Tudor, Pickering, Holt's chief executive, while Robert B. Tudor III?who has been chairman and CEO?will continue as chairman. Dan Pickering, who also was co-president of Tudor, Pickering, Holt, will be chief investment officer of the energy asset management business.

Write to Tess Stynes at

(END) Dow Jones Newswires

November 14, 2016 12:15 ET (17:15 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.