Boutique investment bank PJT Partners is stepping up hiring senior dealmakers this year after advisory revenue surged by 73% in the second quarter even as larger rivals have foundered.

The investment bank, headed by former Morgan Stanley dealmaker Paul Taubman, brought in deal fees of $328.8m in the second quarter of 2023, an increase of 73%. Overall revenue at the firm swelled by 49% to $346.3m in what was a record quarter for the boutique, which was launched in 2015.