Perella Weinberg Partners LP, the investment bank founded by Joseph Perella, said it hired former Dresdner Kleinwort Chief Executive Officer Stefan Jentzsch as a partner in its advisory group.
Jentzsch, 48, will work with founding partner Dietrich Becker to broaden the firm’s business in Germany and expand the financial institutions practice in Europe, Perella Weinberg said in a statement today. He will join the New York-based investment bank on July 1 and will be based in London.
Jentzsch, a former Goldman Sachs investment banker, left Dresdner Kleinwort in January after Dresdner Bank was bought by Commerzbank AG. (CBK) Dresdner Kleinwort, the securities unit of Frankfurt-based Dresdner Bank, posted an operating loss of 6.3 billion euros in 2008 as the industry grappled with the worst financial crisis since the Great Depression.
“I am confident that Stefan will be a stellar addition to our advisory group and the firm as a whole,” Joseph Perella, chairman and chief executive officer of Perella Weinberg, said in the statement. “His longstanding relationships and vast transactional experience will undoubtedly bolster our strong presence in Europe and benefit clients.”
Jentzsch, who studied economics, started his career in 1985 in the credit department of Bayerische Vereinsbank. From 1987 until 2001, he worked in the investment banking division at Goldman Sachs Group Inc., where he helped advise on Deutsche Telekom AG’s 1996 initial public offering. He was a member of Hypo Vereinsbank’s executive board before joining Dresdner Bank in November 2005.
Dresdner Bank granted management board members including Jentzsch about 58 million euros in compensation last year after posting a record loss, according to its annual report. Dresdner said in February that Jentzsch decided to forgo his 2008 bonus payment.
To contact the reporter on this story: Jann Bettinga in Frankfurt at firstname.lastname@example.org.