The expansion is aimed at serving pension funds and alternative asset managers facing increased scrutiny over the valuation of illiquid investments amid market volatility.
Global professional services firm Alvarez & Marsal (A&M) has established an Alternative Investment Services (AIS) practice in Canada, appointing Maisam Raza as a Senior Director to lead the new Toronto-based group.
The move expands the firm's Global Valuation Services (GVS) presence into the Canadian market, focusing on portfolio valuation for clients such as pension funds and alternative asset managers. According to the firm, the expansion is a response to growing institutional demand for specialized advisory services related to valuing illiquid assets, particularly during periods of heightened market volatility.
"Expanding into Canada with top talent aligns with our firm's broader market momentum and our strategy to address the increasingly complex valuation needs of sophisticated asset managers," said Matthew Goldberg, a Managing Director who leads the U.S. AIS group at A&M.
Raza brings more than 12 years of financial services experience to the role. He joins A&M from Golub Capital, a private credit manager with $90 billion in assets, where he was a Portfolio Manager leading the credit monitoring and valuation function in Canada. Prior to that, he served as a Senior Manager at KPMG, providing valuation advisory for complex financial instruments.
In his new role, Raza will specialize in valuation and monitoring advisory for illiquid securities and private assets, including private credit and equity.
"Heightened market volatility and increased scrutiny around valuation governance—particularly for portfolios of illiquid assets—are reshaping expectations for asset managers," Raza said. "As valuation cycles accelerate, firms must enhance transparency and strengthen processes."
Raza holds a master's degree in finance from the University of Toronto's Rotman School of Management and serves on the Financial Instruments Board of the International Valuation Standards Council (IVSC).
SOURCE: Alvarez & Marsal
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