PJT Partners
{{Short description|Global advisory-focused investment bank}}
{{Advert|date=January 2022}}
{{Infobox company
| name = PJT Partners, Inc.
| logo = PJT Logo Blue.png
| image = Bankers Trust Building 280 Park Avenue.jpg
| image_size = 200px
| image_caption = Headquarters at 280 Park Avenue
| type = Public Company
| traded_as = {{NYSE|PJT}} (Class A)
Russell 2000 Component
S&P 600 Component
| founder = Paul J. Taubman
| key_people =
| industry = Investment banking
| products = Investment banking, Mergers and Acquisitions, Restructuring, Private Equity
| revenue = {{up}} US$1.49 billion (2024)
| assets = {{up}} US$1.64 billion (2024)
| num_employees = 1,143 (2024)
| parent =
| homepage = [http://pjtpartners.com/ pjtpartners.com]
| foundation = 2015
| location = 280 Park Avenue,
New York City, New York, 10017,
United States
}}
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.{{cite web | url =http://www.businesswire.com/news/home/20151001005831/en/Blackstone-Successfully-Completes-(6)%20Spin-Off-PJT-Partners | title = Blackstone Successfully Completes Spin-Off of PJT Partners | date =October 1, 2015 | publisher =Business Wire }}
PJT operates businesses across strategic advisory, strategic capital markets, restructuring, shareholder advisory and capital raising. The firm has advised on over $1 trillion in M&A transactions including AbbVie's $63 billion acquisition of Allergan, T-Mobile's $59 billion merger with Sprint, and Mylan's $50 billion merger with Pfizer subsidiary, Upjohn. {{cite web |title=Strategic Advisory |url=https://www.pjtpartners.com/strategic-advisory |access-date=6 March 2025}}
The firm is headquartered in New York City, with additional offices in Boston, Chicago, Hong Kong, Houston, London, Los Angeles, Madrid, San Francisco and Sydney,{{cite web | url =http://pjtpartners.com/contact/ | title = PJT Partners Contact | access-date = March 6, 2016 | publisher = PJT Partners}} and employs approximately 700 people.{{cite web | url =http://www.institutionalinvestor.com/article/3521443/banking-and-capital-markets-banking/takeover-veteran-paul-taubman-aims-high-with-pjt-partners.html#/.Vt-LyI-cFu0 | title =Takeover Veteran Paul Taubman Aims High with PJT Partners | last =Rothnie | first =David | date = January 19, 2016 | publisher =Institutional Investor }}
History and background
In 2015, PJT Partners, Inc. was created from a merger of the advisory arm of The Blackstone Group (which had operated for thirty years) and PJT Capital LP, a strategic advisory firm founded by Paul Jefferey Taubman in 2013.Michael J. de la Merced, [https://www.nytimes.com/2015/10/01/business/dealbook/paul-taubman-taking-reins-of-investment-bank-with-blackstone-ties.html Paul Taubman Taking Reins of Investment Bank With Blackstone Ties], New York Times (September 30, 2015). PJT Partners' first day of trading was on October 1, 2015; on the same day, it became publicly traded, listing on the New York Stock Exchange (NYSE) under the symbol PJT.{{cite web | url =http://www.ft.com/intl/cms/s/0/b5ad0bea-555b-11e5-9846-de406ccb37f2.html| title =Taubman Boutique Jumps Straight to IPO | last1 = Massoudi | first1 =Arash | last2 =Fontanella-Khan | first2 =James| date = September 7, 2015 | publisher =Financial Times }} On its first day of trading, PJT had 330 employees and 46 partners.
Blackstone’s decision to do the spin-off was largely driven by the conflicts of interest that arose between Blackstone’s advisory services business and its investing businesses, including private equity, real estate investing and hedge funds.{{cite web | url =https://www.reuters.com/article/blackstone-taubman-idUSL6N0WI4SO20150318 | title =Many Blackstone M&A bankers expected to depart ahead of spin off to Taubman | date =March 18, 2015 | last =Oran| first =Olivia | work=Reuters }}
In 2020, PJT achieved record revenue of $1.05 billion, more than double the revenue achieved five years prior.{{Cite web|date=2021-02-02|title=PJT Partners Inc. Reports Full Year and Fourth Quarter 2020 Results|url=https://www.businesswire.com/news/home/20210202005443/en/PJT-Partners-Inc.-Reports-Full-Year-and-Fourth-Quarter-2020-Results|access-date=2021-05-16|website=www.businesswire.com|language=en}} In 2020, the firm was rated "No. 3 Best Banking Firms for Business Outlook" by Vault.{{Cite web|title=PJT Partners {{!}} Company Profile {{!}} Vault.com|url=https://www.vault.com/company-profiles/commercial-banking-and-investment-banking/pjt-partners|access-date=2021-05-16|website=Vault|language=en}} The firm is routinely cited as one of the best paying firms in the industry where average pay per head is ~$750,000{{Cite web|date=2018-07-31|title=Average pay per head may crack $750k at PJT Partners|url=https://www.efinancialcareers.com/news/2018/07/average-pay-per-head-may-crack-750k-pjt-partners|access-date=2021-05-16|website=eFinancialCareers|language=en}} and has the highest pay for first year analysts.
Each year, the firm hires about 20 analysts. {{Cite web|last=Shi|first=Madeline|title=Here's the bank where you can earn the most on Wall Street straight out of college — and it's not Goldman Sachs|url=https://www.businessinsider.com/pjt-partners-has-highest-compensation-for-first-year-analyst-2018-9|access-date=2021-05-16|website=Business Insider|language=en-US}}
Leadership
Paul Jeffrey Taubman has served as the chairman and chief executive of PJT Partners since its inception in 2015, and was the founder of its predecessor firm, PJT Capital LP, in 2013.{{cite web | url =https://www.bloomberg.com/research/stocks/people/person.asp?personId=2145987&privcapId=472898| title =Executive Profile Paul J. Taubman| date =March 7, 2016| publisher =Bloomberg Business }} He previously spent approximately 30 years at Morgan Stanley, where he was Co-President of Institutional Securities, which includes Morgan Stanley's investment banking, capital markets, and sales and trading businesses.{{Cite news |last=Stewart |first=James B. |date=2014-04-18 |title=Goldman, Citi, UBS ... and a Guy in an Office |url=https://www.nytimes.com/2014/04/19/business/a-tiny-deal-maker-among-giants-standing-on-his-own.html |access-date=2021-05-16 |work=The New York Times |language=en-US |issn=0362-4331}}{{cite web | url = https://www.nytimes.com/2015/10/01/business/dealbook/paul-taubman-taking-reins-of-investment-bank-with-blackstone-ties.html?_r=1| title = Paul Taubman Taking Reins of Investment Bank With Blackstone Ties| last =de la Merced | first =Michael J. | date = September 30, 2015 | newspaper=New York Times}}{{cite web | url =https://www.wsj.com/articles/paul-j-taubmans-m-a-boutique-to-go-public-1443654339 | title =Paul J. Taubman's M&A Boutique to Go Public | last =Demos | first = Telis Demos | date =October 1, 2015 | newspaper=Wall Street Journal }} Bloomberg News reported that Taubman was the second-highest-paid U.S. executive of 2015 (after Patrick Soon-Shiong), earning $164 million in awarded pay.Anders Melin * Caleb Melby, [https://www.bloomberg.com/news/articles/2016-04-28/cancer-research-firm-ceo-tops-awarded-pay-list-with-330-million With $330 Million Award, Doctor Tops Banker in 2015 CEO Pay], Bloomberg News (April 28, 2016).
In 2015, before the firm began operations, Taubman hired a number of senior European bankers to lead PJT Partners' European operation.Arash Massoudi, [http://www.ft.com/intl/cms/s/0/c8021f00-ee6e-11e4-98f9-00144feab7de.html#axzz44WYhw6iO Taubman lures more dealmakers to boutique], Financial Times (April 29, 2015). Soon after the firm was founded, former NBA Commissioner David J. Stern joined the firm as a senior adviser.Michael J. de la Merced, [https://www.nytimes.com/2015/10/31/business/dealbook/david-stern-former-nba-commissioner-joins-paul-taubmans-firm.html David Stern, Former N.B.A. Commissioner, Joins Paul Taubman's Firm], New York Times (October 31, 2015).
Business and competitors
The firm is organized across three business lines:{{Cite web|url=https://www.linkedin.com/company/pjt-partners|title=PJT Partners|website=LinkedIn|access-date=April 7, 2016}} Strategic Advisory handles M&A, capital markets advisory, spin-offs, private placements, structured products and other transactions. Restructuring & Special Situations handles debtor advisory, creditor advisory, out-of-court solutions, distressed M&A and expert witness testimony. The Park Hill Group provides services for private equity, real estate, hedge funds and secondary advisory services. In 2018, PJT acquired CamberView, which advises clients on all aspects of corporate governance and shareholder activism, including contested situations, for $165 million.{{Cite web|url=https://www.businesswire.com/news/home/20180828005260/en/PJT-Partners-Enters-Agreement-Acquire-CamberView|title=PJT Partners Inc. Enters into Agreement to Acquire CamberView|date=2018-08-28|website=www.businesswire.com|language=en|access-date=2019-05-19}} CamberView has since re-branded as PJT Camberview.
The firm's restructuring and special situations team offers services that include advising companies, governments, creditors, and financial sponsors on distressed M&A, recapitalizations, reorganizations, exchange offers, debt repurchases and capital raises across industries such as automotive, consumer products, energy, financial institutions, healthcare, real estate, gaming & leisure, manufacturing, media & communications, retail, shipping, steel and transportation. The firm's restructuring business has completed over $1.9 trillion worth of deals since inception{{Cite web|url=http://s2.q4cdn.com/989764468/files/doc_presentations/2017/06/PJT-Partners-Investor-Presentation-Q1-2017-(6.22.17).pdf|title=June 2017 Investor Presentation}} and was ranked #1 globally and in the U.S. for both announced and completed restructuring deals for the first quarter of 2016.
The firm competes with all investment banks that provide strategic advisory services.{{cite web | url =https://www.bloomberg.com/news/articles/2015-11-19/greenhill-targets-europe-hiring-as-new-ceos-displace-dealmakers | title =Greenhill Targets Europe Hiring as New CEOs Displace Dealmakers | last = Boston| first = Claire | date = November 19, 2015 | publisher =Bloomberg Business }} Main competitors include other leading independent advisory firms such as Centerview, Evercore, Greenhill & Co., Moelis & Company, Lazard, and Perella Weinberg Partners.
References
{{reflist}}
External links
- [https://pjtpartners.com/ Official Website]
- [https://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary/US69343T1079DEUSDSSX4.html PJT Partners London Stock Exchange]
{{Blackstone Companies}}
{{Investment banks}}
{{Authority control}}
Category:Investment banks in the United States
Category:American companies established in 2015
Category:Financial services companies established in 2015