Boutique advisory firm PJT Partners posted a 56% increase in revenues in the first quarter, even as the Covid-19 crisis has darkened the outlook for its core business of mergers and acquisitions deals.

The firm, run by former Morgan Stanley dealmaker Paul Taubman, said that revenues increased to $200.2m for the first three months of the year, a near 60% rise on the same period in 2019. This follows a record year for the firm in 2019, when it almost doubled pre-tax profits to $82.2m.