One of the hallmarks of the financial crisis over the past two years has been the explosion in the recruitment and expansion efforts of boutiques and mid-sized firms, and the migration of talent from bulge brackets to smaller players. But now that a recovery, however tenuous, may be underway, some industry observers wonder whether that trend is about to be stopped in its tracks.

One of the most expansive of the up-and-coming firms has been Moelis & Co., co-founded in 2007 by former UBS rainmaker Ken Moelis. Earlier this week, the shop announced it opened a new office in Sydney, Australia, staffed by a five-person team of mostly JPMorgan Chase veterans. Moelis & Co. will also continue to build its London office, which was opened in September 2008.

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