The Capital Markets division of WTP Advisors, a tax and business advisory firm, will be spun out to form a new company named Avalon Lake Partners. The new firm will be led by industry veterans Lou Sala, Jay Goldstein, and Ilicia Silverman and will move away from tax advisory work and focus completely on providing advisory services to 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,” said Mr. 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 Partners will offer 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. The firm will be based in New York and anticipates expanding its service offering to the Midwest and West Coast by opening offices in Chicago and San Francisco in the near future.
“We offer a customized suite of services and unparalleled expertise that enable our clients to run their businesses successfully,” said Ms. 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.”
Earlier this year, the Avalon Lake team launched a Form PF Diagnostic product, and with it, a software solution, Flex PF. According to Mr. Sala, Flex PF is a 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.
“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,” said Mr. Goldstein, Partner at Avalon Lake Partners.
WTP Advisors is a provider of tax and business advisory services and is headquartered in White Plains, NY (www.wtpadvisors.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 9-10-12
