FRANKFURT, Jan 31 (Reuters) - A London-based employee of advisory firm Perella Weinberg Partners under investigation for alleged insider trading has died by suicide, two people with knowledge of the situation said on Tuesday.

"We are incredibly saddened by the tragic loss of our colleague," Perella said in a statement, without giving details.

Perella said it was assisting in a German investigation and that "the firm is not the subject of any investigation".

Bloomberg first reported the development. (Reporting by Tom Sims Editing by Mark Potter)