Blackstone approved a plan last week to spin off its financial and strategic advisory services, restructuring and reorganization advisory services, and its Park Hill fund placement businesses and combine these businesses with PJT Partners, an independent financial advisory firm. The parties expect the transaction to close in 2015.
The new entity will be an independent, publicly-traded company, which will be led by Paul Taubman, chairman and chief executive officer. Prior to founding PJT Partners, Taubman spent 30 years at Morgan Stanley, where he served as co-president of the institutional securities group. Prior to becoming co-president, he was the head of global investment banking and head of its global mergers and acquisitions department.
