FTI, Compass Advisers form new real estate firm

FTI Consulting, Compass Advisers form joint venture focused on real estate sector

• On 3:58 pm EDT, Monday October 19, 2009

WEST PALM BEACH, Fla. (AP) -- Business advisory firms FTI Consulting Inc. and Compass Advisers LLP said Monday they have created a new investment banking firm that will focus on global real estate.

The companies said their joint venture, EdgeRock Realty Advisors, will use the two companies' experience in real estate, financing and restructuring to build a boutique-style firm. It will advise real estate companies and institutional investors on mergers and acquisitions, private capital raising and initial public offerings and other strategies.

Stephen Waters, managing partner at Compass Advisers, and Bruce Schonbraun, senior managing director and head of global real estate for FTI Consulting will serve as co-CEOs. David Lazarus, formerly managing director in the global real estate group of Lehman Brothers/Barclays Capital, will serve as a senior managing director.

EdgeRock will be based in New York.

Shares of FTI Consulting rose 74 cents to $42.67 in afternoon trading. The stock has changed hands between $36.14 and $64.07 in the past 52 weeks, and started the day down 6 percent for the year.