Quarterly increases in advisory revenue for Houlihan Lokey Inc., PJT Partners Inc. and Lazard Ltd. powered an aggregate gain in the metric among advisory-focused investment banks in the third quarter.
The three investment banks, along with Evercore Inc., Moelis & Co. and Perella Weinberg Partners, had their combined third-quarter advisory revenue rise 2.7% quarter over quarter to nearly $1.96 billion. The increase came on the heels of two difficult quarters. Aggregate advisory revenue plummeted 36.8% sequentially in the first quarter and declined 7.0% sequentially in the second quarter.
Executives at several firms in the group said rising levels of restructuring opportunities are helping drive new business.
“Restructures are up signific…
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