Sept 1 - Pickering Energy Partners is launching a financial advisory unit for oil and gas dealmaking, the investment firm said on Friday, doubling down on traditional fossil fuels as some banks are becoming wary about the industry and ramping up their bets on clean energy.
The new seven-member unit will be spearheaded by two former Barclays Plc dealmakers, Jason Kivett and Robyn Underwood, and offer services including mergers & acquisitions advisory and capital markets issuance. The current iteration of PEP was spun out of Perella Weinberg in 2019, and has since deployed more than $16 billion in capital across the energy industry, as per its website. All non-compete agreements between the two firms have now expired, enabling Pickering to pursue oil and gas advisory work.
Banks including BNP Paribas , Bank of Montreal and Bank of Nova Scotia have pulled back from oil and gas dealmaking over the past few years. More recently, Credit Suisse, once among the most active banks in the energy sector, shuttered its Houston office after being taken over by UBS Group AG .
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