Sept 1 (Reuters) - Pickering Energy Partners (PEP) 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 launch of the investment banking unit marks a return to oil and gas advisory services for Dan Pickering, the veteran energy financier who helped form Tudor, Pickering, Holt & Co, an energy boutique bank that was acquired by Perella Weinberg Partners (PWP.O) in 2016.
Houston-based PEP has an existing investment banking unit that focuses solely on energy transition, while the firm's other offerings include equity research, investment funds, and consulting services.
All non-compete agreements between the two firms have now expired, enabling Pickering to pursue oil and gas advisory work.
Banks including BNP Paribas (BNPP.PA), Bank of Montreal (BMO.TO) and Bank of Nova Scotia (BNS.TO) have pulled back from oil and gas dealmaking over the past few years.
Persons:
Dan Pickering, Tudor, Perella Weinberg, dealmakers, Jason Kivett, Robyn Underwood, Pickering, Banks, David French, Anirban Sen, Sherry Jacob, Phillips
Organizations:
Pickering Energy Partners, Holt & Co, Barclays Plc, Houston, BNP, Bank of Montreal, Bank of Nova, Credit Suisse, UBS Group AG, Reuters, Thomson
Locations:
Pickering, Bank of Nova Scotia, New York