Monday, 27 April 2015
Last updated 7 hours ago
Jan 3 2011 | 9:11am ET
White Plains, N.Y.-based tax and business advisory firm WTP Advisors has acquired hedge fund operations consultant Sala Associates, which will now operate under the name WTP Capital Markets. The value of the deal was not revealed.
WTP Capital Markets will offer solutions for hedge funds in the start-up and transitional phases focusing on operational infrastructure—including fund administration and prime brokerage assessment and selection, staffing, and serving as pro-tem CFO/COO. WTP Capital Markets will also help financial institutions improve their bottom line and reduce costs by streamlining their technology and operational systems.
“There is a growing need for business experts who can manage the operations side of investment funds. By providing back and middle office infrastructure, WTP Capital Markets lets hedge fund managers focus on trading,” said Michael Minihan, partner and co-founder of WTP Advisors. “We will also concentrate on offering business advisory services specific to investment banks, including process re-engineering, which can result in significant cost savings.”\Sala Associates principal and founder Lou Sala will become CEO of WTP Capital Markets, bringing with him 25 years’ experience in the finance industry.
Said Sala, “In the post-Madoff era the hedge fund industry has witnessed a greater emphasis on ensuring fund managers focus on the business of running a business. Portfolio managers must be actively engaged in building and maintaining cost effective infrastructures with sound internal controls.”
Sala founded Sala Associates in 2007, after managing Paloma Partners Management Company’s hedge fund seeding platform for five years and leading the sale of the back and middle offices to JP Morgan.
In late June 2007, Sala joined Bear Stearns Asset Management (BSAM) where he assumed the role of COO and was responsible for managing several transitional project teams, including the acquisition of the firm by JP Morgan. During his career, Sala has held senior management roles at Goldman Sachs, Salomon Brothers, Bank Julius Baer and Credit Commercial de France after beginning his career at Arthur Andersen & Co.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…