|By PR Newswire||
|September 10, 2012 12:01 AM EDT||
NEW YORK, Sept. 10, 2012 /PRNewswire/ -- WTP Advisors announces today that its Capital Markets division will separate from the company and become a standalone business effective immediately. The new business will be named Avalon Lake Partners and is relocating its headquarters to New York City. Led by industry veterans Lou Sala, Jay Goldstein, and Ilicia Silverman, Avalon Lake will move away from tax advisory work and focus completely on providing a broad set of advisory services to the alternative asset management industry, namely hedge funds, private equity and family offices.
"The time has come for a firm to step up and become the preeminent provider of business support to the alternative investment industry," says Lou Sala, whose business was acquired by WTP Advisors in 2011, and will now lead Avalon Lake Partners as CEO. "We will be singularly focused in this space and positioned to nimbly respond to the ever-changing financial landscape."
Avalon Lake team members will continue to offer a full menu of advisory services focused upon C-Level outsourcing (COO, CFO, CCO), hedge fund start-ups/spin-outs, and overall operational support to streamline fund operations, ensure accountability, and enhance efficiency within organizations.
"We offer a customized suite of services and unparalleled expertise that enable our clients to run their businesses successfully," says Ilicia Silverman, head of business development and Partner at Avalon Lake Partners. "This is the perfect time to reposition our firm to become the leading provider and continue offering the highest quality of service to our clients."
Avalon Lake anticipates expanding its service offering to the Midwest and West Coast by opening offices in Chicago and San Francisco in the near future.
"We have enjoyed great success in these regions over the past six years. A physical presence supported by local experienced talent will round out our offering and firmly position us as the provider of choice," says Sala.
"Ever increasing transparency requirements by regulatory bodies 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," says Jay Goldstein, Partner at Avalon Lake Partners.
Earlier this year, the team launched a Form PF Diagnostic product, and with it, a software solution, Flex PF. According to Sala, Flex PF is a dynamic reporting tool that can be used for Form PF filing as well as to satisfy additional regulatory, investor and operational requirements complete with comprehensive workflow and audit trail. Avalon Lake Partners is now offering this solution to clients.
"We are incredibly excited for Lou and his intrepid team and are confident that they will flourish under this new brand," says Ian Boccaccio, co-founder and Partner at WTP Advisors.
About the Avalon Lake leadership team:
Lou Sala, Managing Partner and CEO
Lou Sala has nearly 30 years of financial services experience and established Sala Associates in 2007. Sala Associates was the product of his expertise in launching hedge funds; acting as the COO and CFO for newly formed funds; and his deep understanding of finance, operations, and technology. The firm was acquired by WTP Advisors in 2011 and was subsequently spun-out of WTP to form Avalon Lake Partners in September 2012. Prior to Sala Associates, Lou managed Paloma Partners Management Company's hedge fund incubation platform where he was responsible for manager selection, fund launch, and overall operational infrastructure. He also led several strategic initiatives, including the sale of its back and middle offices to JP Morgan to form JP Morgan Hedge Fund Services. Prior to Paloma, Lou held several senior level financial, operational and technical roles at Goldman Sachs, including work on the firm's IPO, Y2K, and EMU initiatives and the relocation of Investment Management Operations to Salt Lake City. In addition, Lou held senior management roles at Salomon Brothers, Bank Julius Baer, and Credit Commercial de France after beginning his career at Arthur Anderson & Co. Lou earned his MBA from Fordham University and his B.S. in Accounting from St. John's University.
Jay Goldstein, Partner
Jay Goldstein has over 30 years of financial services experience. Prior to launching Avalon Lake Partners, Jay was a member of Sala Associates since its inception and joined WTP Capital Markets as a Director after the firm's acquisition. Previously, he had his own consulting firm which focused on financing and turning around distressed companies. Jay has also acted as the CAO/COO for a trade execution platform and as the CFO for the technology group of a renowned hedge fund. Additionally, he has held various senior level positions at Salomon Brothers including Deputy Head of Asia Pacific Equities and Deputy Head of Global Equity Derivatives. While at Salomon, he worked with Lou Sala and together they restructured Salomon's Asia Pacific business. Jay earned his B.S. from the School of Professional Accounting at CW Post College, part of Long Island University.
Ilicia Silverman, Partner and Head of Business Development
Ilicia Silverman has over 20 years of financial services experience. Prior to launching Avalon Lake Partners, Ilicia headed Business Development for WTP Advisors Capital Markets Division. Previously, she worked at Credit Suisse as a Vice President in the Investment Banking Division and a senior member of the Prime Consulting team within Prime Services where her focus was assisting start-ups, spin-outs and existing hedge funds to build out their operational infrastructure. She also advised funds on operational best practices and efficiencies as well as technology strategy. Additionally, Ilicia worked as a Senior Sales Executive with SunGard focusing on portfolio accounting and partnership allocation/investor accounting systems for hedge funds and administrators. She has held positions at Global Investment Systems, Financial Models Company, Merrill Lynch and Cantor Fitzgerald. Ilicia earned her B.A. from Trinity College in Hartford, CT. She serves on the Board of Directors of Henry Street Settlement.
WTP Advisors is a leader in tax and business advisory services for a global marketplace. Our highly skilled professionals equipped with years of industry experience, coupled with our cutting-edge technologies, make substantive and long-term differences to an organization's profitability. WTP Advisors is headquartered in White Plains, NY, with offices across the Americas, Asia and Europe.
Avalon Lake Partners are experts in the business of running the business. We focus squarely on the infrastructure of financial institutions, offering unrivaled expertise in the alternative asset management industry. Our seasoned industry veterans with skills across a broad spectrum of hedge funds, large financial institutions, and private equity firms, help clients improve their operations through a full suite of CFO, COO and CCO services.
SOURCE WTP Advisors