PJT Partners, the boutique advisory firm founded by former Morgan Stanley banker Paul Taubman, is making a habit of hiring from bulge bracket investment banks this year.
Its latest hire is Joe Lenehan, a former managing director within Goldman Sachs’ internet investment banking team in New York. Lenehan joined PJT earlier this month as a managing director within its Wall Street office.
Lenehan worked at Goldman Sachs for more than 10 years, and was part of a team of five managing directors focused on internet companies at the bank within its investment banking division.
His exit is the latest change within Goldman Sachs’ technology banking team. Goldman promoted Ryan Limaye and Nick Giovanni as co-heads of its technology division in January. Lev Finkelstein, an MD within its tech investment banking team in San Francisco, left to become VP of corporate finance and strategy at Dropbox in August.
Lenehan is the latest senior deal-maker to switch out of a large investment bank to join PJT Partners in 2017, although most have come from Taubman’s former employer, Morgan Stanley.
Michel Antakly, a top natural resources-focused investment banker at Morgan Stanley, joined PJT from Morgan Stanley in October. Emmanuel Gueroult, the former chairman of global capital markets and co-head of equity capital markets for EMEA at Morgan Stanley, joined PJT as a partner in March.
Further down the tree, PJT has also been picking up investment bankers this year. Charles Burrows, who was latterly head of the special situations division at Goldman Sachs until his exit in April last year, joined as an adviser earlier this year. Meanwhile, Jonathan Hall, who was a VP at Goldman, joined PJT as a director in April.
PJT posted revenues of $78.5m in the third quarter, down from $121.3m at the same point in 2016 when it benefited from some big ticket M&A deals. Overall, M&A revenues were down by 40%, it said.
In the UK, its accounts for 2016 showed that it had 106 employees in London, up from 89 in 2015. It paid them an average of £533k, up massively from £195.4k the previous year.
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