The founder of Moelis & Co has underscored the firm’s plans to continue hiring in London on the back of a “steadily improving cycle” in the M&A market, despite a slight dip in second-quarter revenues.

According to the independent adviser's second quarter earnings, released after market close on July 29, revenues fell 4% year-on-year to $125.9 million, with an increase in M&A work offset by a reduction in restructuring and fewer capital markets deals completing. However, the firm bounced back from a first quarter in which revenues had dropped 13% year-on-year because of "fewer notably large fee events".