What was Wasserella Like?
For any of those on WSO old enough to have remembered / interacted with Wasserstein Perella, what was the firm like? Reading up on the firm, it seemed like the firm was an absolute powerhouse (apparently it was like 5th in league tables one year at a fraction of the size of much larger advisors) and a bit like what CVP is nowadays. Just looking at the firm's deal flow and the sheer number of prominent alumni from the firm across Wall Street, it seems like the firm was arguably the most dominant independent advisor back then, but would love to hear a bit more from people who were around on Wall Street back then.
Obviously wasn't around back when Wasserella was a thing, but some of my MDs were ex-Wasserella and I also know a bit about Wasserella from just being a finance nerd. In short, yes there were the OG independent advisors along with Lazard and were the undisputed king of independent advisory in the US back then. Their dominance and market share was pretty astounding for their short-lived existence (I don't think any independent advisor has gotten to the point of Wasserella's peak terms of relative market share since). Wasserstein and Perella were two of the biggest rainmakers on the street, but it was really Perella's ability to recruit top talent from other banks and institute a culture of mentorship that allowed them to flourish, and you can see the fruits of their labor by looking at how many rainmakers across the street today got their start at Wasserella. From what I understand, leadership and personality differences between Wasserstein (who was known for being very aggressive and abrasive) and Perella led to the pair going their own ways and the eventual end of Wasserella.
For a bit more, this article provides a decent overview: https://cpresence.com/the-powerhouse-firm-nicknamed-wasserella/
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