Aidan Hall's questions to Perella Weinberg Partners (PWP) leadership • Q4 2024
Question
Aidan Hall of KBW inquired about the specific drivers behind the recent pickup in European M&A activity and sought context on the expected single-digit growth in 2025 non-compensation expenses.
Answer
CEO Andrew Bednar stated that Europe's M&A market is experiencing a lag, not a structural decline, with promising early indicators for a rebound driven by needs for U.S. exposure and scale. CFO Alexandra Gottschalk clarified that the moderate non-comp expense growth forecast for 2025 accounts for some continuing litigation costs but also reflects the absence of non-recurring 2024 items like a bad debt expense.