WTP Advisors, a tax and business advisory firm, has acquired Sala Associates, an operations consultancy for hedge funds and investment banks.

Sala has been renamed WTP Capital Markets. Louis J. Sala, founder of Sala Associates, will serve as CEO of the new company. Terms of the deal were not disclosed.

Building on Sala’s existing suite of services, WTP now offers hedge funds tailored operational infrastructure, fund administration, prime brokerage assessment and selection, CFO/COO capabilities, and IT streamlining.

“There is a growing need for business experts who can manage the operations side of investment funds,” said Michael Minihan, partner and co-founder of WTP Advisors. “By providing back- and middle-office infrastructure, WTP Capital Markets lets hedge fund managers focus on trading. We will also concentrate on offering business advisory services specific to investment banks, including process re-engineering, which can result in significant cost savings.”

“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,” Sala said. “Portfolio managers must be actively engaged in building and maintaining cost-effective infrastructures with sound internal controls.”