A rise in restructuring work at Paul Taubman’s PJT Partners in the third quarter could not make up for strategic advisory revenues falling on the back of fewer big M&A deals closing, as the independent firm’s overall revenues and profits dropped from a year earlier.

PJT posted revenues for the three months to September 30 of $121.3 million, down 18% from the $147.3 million recorded for the third quarter of 2015. The 2015 figure reflected results of Taubman's own operation as well as Blackstone's advisory and Park Hill placement businesses, with which PJT merged as a new listed firm on October 1 of that year.