Mon, 10/09/2012 - 05:01
WTP Advisors’ 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 organisations.
“We offer a customised suite of services and unparalleled expertise that enable our clients to run their businesses successfully,” says Ilicia Silverman, head of business development and Partner atAvalon 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.
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