Anybody have any thoughts or further info on this? looks like the rx team to stay as is and the m&a team to be completely overhauled, not unexpected but still, 12 of 17 m&a senior mrs not renewing contracts yet seems huge.....
More than half of the 17 senior managing directors working in Blackstone Group LP's mergers and acquisitions advisory arm may leave as the business is combined with the advisory firm headed by star Wall Street investment banker Paul Taubman, according to people familiar with the matter.
Some of the bankers have decided to move elsewhere or retire, while others have lost out to people doing similar jobs at Taubman's PJT Capital LP, the sources said.
Blackstone agreed last October to spin off its advisory operations in the second half of this year into a new publicly traded company that will be run by Taubman, 54. The operations of the business being spun off include M&A, restructuring and private fund advisory. PJT currently focuses on M&A advisory.