Boutique advisory firm PJT Partners has posted record results for the third quarter as the Covid-19 crisis spurred a huge uptick in investment banking activity.

The bank, started by former Morgan Stanley dealmaker Paul Taubman, posted revenues of $298m for the third quarter — a 71% increase on the same period last year. For the first nine months of 2020 it made $730m, which is a record start to the year for the company.