Profits and revenues fell during the first quarter at PJT Partners, the investment bank run by former Morgan Stanley dealmaker Paul Taubman, though its core advisory business held up well in a tricky period.

The New York-based bank posted revenues of $128.1m, a 4% year-on-year decline that meant it missed analyst expectations. But fees generated by its largest division, which advises companies on mergers and acquisitions, rose 1% to $104.5m.