The European arm of US independent adviser Moelis & Company has reported a loss of £7.6m (€9.1m) in its first set of year-end accounts, reflecting the high cost of attracting and paying senior banking talent as it waits for fee income to start rolling come in.

Moelis & Company UK made the loss for the period between September 9 2008 and December 31 2009, according to accounts filed with Companies House.