Independent investment bank PJT Partners has posted a rise in revenues for the start of 2017, helped by a jump in fees from advisory work.

The firm, run by former senior Morgan Stanley banker Paul Taubman, has published results for the three months to March 31. It said revenues of $121 million were 5% ahead of the same period in 2016, while adjusted pre-tax profit of $23 million compared to $21 million a year earlier.