Moelis & Company, the global asset management and investment bank, has opened a subsidiary in Beijing.

The move represents the next step in the firm's drive to expand its presence in the fast growing region, the company said in a statement. In April this year, Moelis & Co acquired Hong Kong-based independent financial advisory firm Asia Pacific Advisers. In June, the firm appointed Joseph Chow, previously a managing director at Goldman Sachs, as managing director for China. 

"With a strong appetite by Chinese companies for resources and technology, we see significant opportunities for Moelis & Company to assist them in their drive to expand internationally and on their out-bound investment activities," said Chow. 

Moelis joins the list of international firms establishing an on-ground presence in the fast-rising Chinese market, the most recent including Ernst & Young, Manulife, Man Group, Citi and Bank of America Merrill Lynch.