Perella Weinberg Partners, the boutique investment bank based in New York and London, announced late on Monday that it acquired Xerion Capital Partners, a New York-based hedge fund group that specialises in distressed securities.

The move, part of Perella Weinberg’s efforts to build an asset management unit to complement its advisory business, is meant to capitalise on the current credit market environment which has reduced the cost of buying leveraged loans and securitised credit products. Terms of the deal will not be disclosed.