(Bloomberg) -- Perella Weinberg Partners said second-quarter revenue more than doubled as the investment bank's advisory business completed more transactions and fees per client increased.
Revenue jumped to a record $255.5 million, compared with the $157.7 million analysts estimated in a Bloomberg survey. Net income swung to a profit of $9 million from a loss of $22.1 million a year earlier. Adjusted earnings were $61.7 million, topping the $22.1 million estimate.
“PWP delivered record results in the second quarter of 2021 as demand for advisory services remains elevated across our business,” Chief Executive Officer Peter Weinberg said in a statement Thursday. “We continue to see high levels of activity across all service lines, sectors and geographies driven by a further expansion of client coverage and a deepening of relationships.”
Perella Weinberg, founded by Weinberg and fellow dealmaker Joe Perella, listed publicly this year in a merger with a blank-check company. The firm has advised on deals in 2021 including AT&T Inc.'s sale of media assets to Discovery Inc. and the purchase of Cloudera Inc. by a group of buyout firms.
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