So I think to the extent that with something that companies and families would have be thinking about it, we didn't see that much of it earlier in the year. The firm is headquartered in New York City, with additional offices in Boston, Chicago, Hong Kong, London, Madrid, San Francisco and Sydney, and employs approximately 700 people. Nasdaq’s technology is designed to meet the increasing deal flow in the secondaries market, said Eric Folkemer, the head of Nasdaq Private Market, in the statement. We're currently in receipt of exchange notices for approximately 1.1 million Partnership Units. Dividend. Okay. Helen Meates is a Partner and Chief Financial Officer of PJT Partners, based in New York. We remain committed to investing in our Strategic Advisory franchise. That activity continues. The first is, Paul, I think if we go back a few years, you said that restructuring I think was broadly about a third of the advisory revenue pool. We have continued to experience a significant reduction in travel and entertainment expense as a consequence of the global pandemic. And we will speak to you on the next earnings call. Then it got worse. But after five years of consistent value-added investment and a growing track record of results, our strategy and progress to date are now far better understood and appreciated. Placement revenues were $106 million, up 37% year-over-year, driven by increases in both corporate private placement activity as well as fund placement activity. That is not a normal environment. PJT Partners Inc. signed an accord with a Dubai-based boutique as the U.S. investment bank seeks to win a slice of Middle East deal-making and restructuring work. February 02, 2021 PJT Partners - Investor Presentation 4Q20 (2.2.21) view presentation (PDF 1.77 MB) Listen to this Presentation ? The Company serves corporations, financial sponsors, institutional investors, and governments. Thanks, Paul. PJT Partners signs deal with Dubai boutique deNovo target Middle East deals PJT and deNovo will advise global firms looking to invest in the Middle East and North Africa region May Nasrallah, founder and executive chairman of deNovo Total adjusted non-compensation expense decreased modestly to $28 million for the third quarter compared to $29 million for the prior year. You guys had a [Technical Issues] coming in at COVID. For the quarter, our weighted average share count was 41.5 million shares. I think I caught most of that and if I could summarize, I think you were just trying to parse our comments about Strategic Advisory and asking about public database backlogs and all of that. So, what I will say is to reiterate my comments. While fundraising for investment pools targeting secondary markets plummeted during the first half of this year, a Preqin report last month suggested it was merely a “lull” as investors took a breather from record-breaking fundraising over the past couple years. I'm reluctant to talk about normalization, where we're in the midst of an environment that is anything, but normal and a world where no one is traveling, everyone is remoting in, is not necessarily the place to start to then extrapolate as to where we go. Their agreement will provide more transparency for alternative asset managers doing deals in the rapidly growing secondaries market. Well, apologies for that. But no matter how you look at it, it has grown more quickly this year than any other year. You typically don't wake up in September and say, I'm now just going to go sell my business and run a compressed process just to get it done in this year. Increasingly, clients are gravitating to our demonstrated track record of delivering superior advice. Strategic Advisory We offer big firm capabilities with a small firm feel, providing best-in-class expertise with high touch service. Our extraordinarily talented team, combined with our distinctively collaborative culture, has enabled us to serve clients in a superior manner and produce exceptional results. For over 20 years, Ms. Fitch has developed deep domain knowledge and relationships as both an equity investor and as a banker, in the process becoming a trusted advisor to senior decision makers around the globe. But I do sincerely wish everyone that they are able to navigate these difficult times in a safe and sound manner and that everyone can remain healthy and that sooner rather than later, we can all resume a more normal interaction with all of you. Just trying to think about margin potential to the extent we were to extrapolate a view that revenues can remain solid from here. See the complete profile on LinkedIn and discover Michael’s connections and jobs at similar companies. $63 billion. The firms announced Tuesday an agreement under which PJT Partners will use Nasdaq Private Market’s technology to offer its clients and their investors a more efficient way of doing secondary deals. “Over the past several years, we have seen dramatic growth in the GP-led secondary market,” Jon Costello, head of PJT Park Hill’s secondary advisory business, said in the joint statement with Nasdaq. And with that, we will take your questions. $48 billion. And with that, I'll turn the call over to Paul. On the balance sheet, we ended the quarter with our highest cash balances ever with $367 million in cash, cash equivalents, and short-term investments and $323 million in net working capital, and we have no funded debt outstanding. ET. And the first were companies whose business model was essentially shut down by the pandemic; no revenues, no customers, no cash coming in dealing with extreme circumstances. You hit 25% plus in the quarter, the best level the firm has been at. And joining me today is Paul Taubman, our Chairman and Chief Executive Officer; and Helen Meates, our Chief Financial Officer.
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