How is PJT Partners almost two years post BX spinoff?
Any opinions on that? It's been almost 2 years since the spinoff from Blackstone. How is PJT as a place to work? Deal flow? "Preftige"? Culture? Analyst class? Exit opps?
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my dad basically runs the place....we're going to Machu Pichu this summer...you could say that business is boooomin
also interested
Still one of the most well-regarded advisory shops on the Street.
I was trolling, save your MS for somebody else
I was wondering because they just came to my school for a workshop and company dinner and I was highly impressed but read a few posts here about uncertainty after spinoff
Sorry to resurrect this, but what school was that for? Curious where they recruit, b/c I'm at HYP and they don't recruit on campus...
They're all about Wharton. I'm at HYP too and no one goes there.
they recruit at H/W pretty aggressively. On campus and everything...
The on campus presence is heavy Wharton with roughly a third of the class coming from there. But they are also on campus at Harvard, Cornell, Dartmouth, and Georgetown. I'm sure there are a few i'm missing, as well.
Can confirm they also recruit at UMich Ross.
I would agree with the previous statement that they are still very well-regarded. Personally, I think the firm lost a bit of prestige compared to when it was known as Blackstone Advisory, but that's just my subjective opinion. The restructuring unit is apparently doing very well and is definitely considered as one of the best places (besides HL and LAZ). The advisory unit hired quite a lot of new senior people from other banks, but I don't think PJT is as good as the other EBs yet in this area. This might change going forward as they were able to advise on a few pretty big deals (e.g. 21st Century Fox/Sky). I heard this also led to a change in lifestyle for analysts, who enjoyed a slightly more relaxed life when it was BX.
I definitely don't agree with the poster above re: behind other EBs.
Recruiting wise, I only can tell you what i've heard through others, but the PE recruiting hasn't really missed a beat. It's slightly worse then before just because of the growing class sizes but we are talking still at or very near the top of the heap. In terms of attracting talent from schools, again its's at or near the top. Slightly worse off then before as they've broadened their search, but still most of the classes are top talent from the top schools.
Restructuring is basically unchanged in terms of what it was at Blackstone. The vast majority of the leadership is the same as before and it is still, in many peoples opinions, the best debtor side shop on the street (with HL being the best creditor side). I can't imagine taking Lazard rx over PJT like the poster above mentioned. I believe they were number one in US announced in 2016.
On the Advisory side, they are already growing into a bigger enterprise then they ever were before. The amount of stud senior bankers they hired in the last 18 months is set to blow up the business over the next couple years (remember it generally takes 12-18 months for a senior banker to fully make a transition and for that move to pay off for the firm). They finished 24th in announced and 23rd in completed Americas M&A last year, with less headcount in the advisory business among all the EBs besides Centerview. In Q1 this year they are up to 22nd in Americas announced and only behind Evercore, Lazard, and Centerview among the EBs. And the former 2 have headcount that is between 10x and 20x PJT. In terms of headline grabbing deals, in 2016 they advised on Fox/Sky, Lionsgate/Starz, Yahoo/Verizon, NBC/Dreamworks, and were on Anbang/Starwood before it fell through.
All in all, I think the evidence points to it still being in that top tier of EBs (Centerview, Lazard, Evercore, PJT) for advisory and restructuring. With the advisory business having as much growth potential as any EB on the street.
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