U.S. Treasury Taps Perella Weinberg To Advise on Ally Financial IPO

According to the New York Times, the U.S. Treasury Department has brought on Perella Weinberg Partners as an advisors in the IPO of Ally Financial common stock.

NYT cites people familiar with the matter as their source of information.

Under the contract, Perella Weinberg will have a 12-month contract, with a six-month extension possible. The firm will be paid $500,000 per month, with a cap of $9 million.

Several major banks are pitching the firm today in order to participate in the IPO, which is expected to draw substantial purses for underwriters.

Ally was formerly known as General Motors (NYSE: GM) financing arm, GMAC. The Treasury currently holds about a 74% stake in the bank.

Perella Weinberg Partners is an independent, privately-owned financial services firm.

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