Perella Weinberg, the investment banking boutique that yesterday hired former chairman of the Securities and Exchange Commission William Donaldson, wants to expand in fund management and may hire 50 people for the division by the end of the year.

The boutique, which has until now focused mainly on M&A advisory work, wants to add six funds to the two it already runs, likely to be mostly based on absolute return strategies, a spokeswoman for the group said.