Former banker, US Treasury and New York City official Robert Steel is returning to Wall Street as chief executive of Perella Weinberg Partners, taking over for co-founder Joseph Perella, who will become chairman of the firm.

The move brings the first outside leadership to Perella Weinberg, a corporate and investment advisory firm established in 2006 by former Goldman Sachs and Morgan Stanley executives. Steel is expected to help the firm work with more government clients, and to broadly expand its reach as so-called "boutique" advisory firms get more business.