A strong final quarter of dealmaking helped 2017 revenues recover at PJT Partners — the advisory firm run by ex-Morgan Stanley rainmaker Paul Taubman — but a multibillion-dollar hit linked to US tax reforms dragged it into the red.

PJT said today that full-year revenues of just under $500m were roughly flat on 2016, having been 5% off the pace at the nine-month stage. The firm saw revenues rise 10% in the fourth quarter, with higher fees from mergers and acquisition advice offsetting a dip in revenues from placement work.