Paul Taubman's independent advisory firm saw revenues in its main business lines fall during the third quarter of the year, but the former Morgan Stanley investment banking head said it was making progress capitalising on its "enormous potential".

PJT Partners, which has been listed in New York since October 2015, when Taubman combined his own M&A advisory business with units spun off from Blackstone, generated $78.5m in revenues during the three months to September 30. That was down by more than a third on the $121.3m posted in the same period a year ago. Adjusted pre-tax profits of $4.1m were down sharply from $21m a year earlier.