WTP spins off capital markets business
WTP Advisors, the global tax advisory services firm based in White Plains, announced today that its capital markets division has become a standalone business serving the alternate asset management industry.
The spun-off company, Avalon Lake Partners, is relocating its headquarters to New York City. A WTP spokesperson said the business will provide a broad set of advisory services to hedge funds, private equity firms and family offices.
Avalon Lake Partners is led by managing partner and CEO Lou Sala, a nearly 30-year veteran in financial services with expertise in hedge fund launches. His hedge fund consulting firm, Sala Associates L.L.C., in Ridgefield, Conn., was acquired by WTP Advisors in January 2011.
“The time has come for a firm to step up and become the preeminent provider of business support to the alternative investment industry,” Sala said in a press release. “We will be singularly focused in this space and positioned to nimbly respond to the ever-changing financial landscape.”
The advisory business will focus on C-level executive outsourcing, hedge fund start-ups and spin-outs and overall operational support to streamline fund operations, ensure accountability and enhance organizational efficiency.
Jay Goldstein, a WTP Advisors capital markets director and former member of Sala Associates, is a partner in the spin-off venture. Partner Ilicia Silverman, a former investment banking vice president at Credit Suisse Group who was head of business development in WTP”™s capital markets division, will hold the same development post in the new business.
Goldstein in a press release said increasing transparency requirements by regulatory agencies and investors “have changed the alternative management landscape forever. This industry is hungry for service providers who can help them navigate the current business environment, and this is where we step in.”
The partners expect to soon open offices in Chicago and San Francisco to serve Midwest and West Coast clients.