US investment bank Houlihan Lokey has opened an office in Australia, hoping to fill a gap left by rivals that are slimming their operations Down Under as the local economy slows.

In its first major investment in Asia in four years, the Los Angeles-based firm - which typically advises on merger and acquisitions deals under $5 billion - said it hired three senior staffers from CIMB Group Holdings to jointly head up the operation, located in Sydney.