In 2015, PJT Partners, Inc. was created from a merger of the advisory arm of The Blackstone Group (which had operated for thirty years) and PJT Capital LP, a strategic advisory firm founded by Paul J. Taubman in 2013 [REF].
Blackstone's decision to do the spin-off was largely driven by the conflicts of interest that arose between Blackstone's advisory services business and its investing businesses, including private equity, real estate investing and hedge funds [REF].