Houlihan Lokey, a New York-based investment bank, announced Monday it bought Red Pine Advisors LLC.

The New York]based financial advisory firm specializes in the valuation and pricing of illiquid structured product portfolios.

Red Pine will be incorporated into Houlihan Lokey’s portfolio valuation and advisory services practice, which values valuing illiquid instruments held by alternative asset managers and other financial institutions.

Red Pine, which opened in 2007, will help Houlihan Lokey expand its financial advisory business. Red Pine's executives have experience with a variety of asset classes, including structured products, real estate loans and illiquid corporate credit instruments. Red Pine’s three principals and 20 employees join Houlihan Lokey as part of this transaction.

“Red Pine has developed a compelling platform and a strong reputation for the valuation of structured products, particularly in the banking, insurance and asset management industries,” said Michael Fazio, a managing director and head of Houlihan Lokey’s portfolio valuation and advisory services practice. “Their expertise, technology and market position complement our existing business and will allow us to compete aggressively within this growing market segment.”

Houlihan Lokey serves more than 1,000 clients annually, ranging from closely held companies to Global 500 corporations.