PJT Partners, the boutique investment bank, posted record advisory fees of $1.15 billion in 2024, fueled by a boom in mergers and acquisitions and restructuring work, the firm announced.
Financial Highlights
The fee total represented a 38% increase from the previous year, surpassing the previous record set in 2021. Revenue rose to $1.3 billion, up 35% year-over-year. Net income climbed to $240 million, compared to $180 million in 2023.
"Our results reflect the strength of our franchise and the dedication of our team," said Paul J. Taubman, CEO of PJT Partners, in a statement. "We continue to see robust demand for our advisory services across M&A, restructuring, and strategic assignments."
M&A Boom Drives Growth
The bank advised on several high-profile deals, including the acquisition of Activision Blizzard by Microsoft and the restructuring of debt-laden companies. The M&A advisory segment generated $850 million in fees, up 40% from 2023.
Restructuring fees also surged, rising 35% to $200 million, as companies sought to refinance debt amid higher interest rates. The firm's placement and fundraising business contributed $100 million in fees.
Industry Context
The record performance comes amid a broader M&A recovery, with global deal volumes up 20% in 2024, according to data from Dealogic. Boutique banks like PJT have gained market share, competing with larger rivals by offering specialized advice.
PJT Partners, founded in 2015, has grown rapidly, with headcount increasing to 1,500 employees. The firm's shares have risen 25% this year, outperforming the broader market.
Outlook
Looking ahead, PJT expects continued momentum, with a strong pipeline of M&A and restructuring mandates. "We are well-positioned to capitalize on the dynamic environment," Taubman added. The firm declared a dividend of $0.25 per share, up from $0.20.
