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Blackstone to Spin Off Its Advisory Business With Taubman

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Blackstone Group LP, the world’s largest alternative-asset manager, is spinning off its advisory group into a stand-alone company to compete with the likes of Evercore Partners Inc. and Moelis & Co.

Paul J. Taubman, who started PJT Partners in 2013 after three decades with Morgan Stanley, will merge his firm with Blackstone’s advisory unit into a new, public entity that he will lead, according to a statement today from New York-based Blackstone. Taubman, along with employees of PJT and the Blackstone unit will own 35 percent of the new boutique; Blackstone’s current shareholders will own the remaining 65 percent.