PJT Partners, the independent investment bank launched five years ago by former Morgan Stanley dealmaker Paul Taubman, nearly doubled its advisory revenues in the third quarter, beating positive results from its rival boutiques.

Within its traditional advisory division, the bank posted revenues of $117.2m in the third quarter, an increase of 94% on the previous year. Across the firm it made $140.1m, a 74% increase on 2017. Adjusted pre-tax profits were up sharply, to $23.1m from $4.1m last year.