At Source Advisors, our Asset Management & Fintech (AMF) group is exclusively focused on the alternative asset management and fintech industries. Established in 2009, the AMF team was the first U.S.-based tax consulting team dedicated to developing specialized tax incentive strategies for this space.
Asset Management & Fintech
At Source Advisors, our Asset Management & Fintech (AMF) group is exclusively focused on the alternative asset management and fintech industries. Established in 2009, the AMF team was the first U.S.-based tax consulting team dedicated to developing specialized tax incentive strategies for this sector.
Over the past seventeen years, we have advised clients ranging from Chicago-based high-frequency trading firms to global multi-strategy hedge funds in New York, supporting the industry’s growth across major financial centers worldwide. This includes a recent expansion into the United Kingdom and a broadening of our presence across Europe and APAC, with a focus on jurisdictions that offer favorable incentives for global asset managers.
We recognize that diverting your staff from core work erodes human capital, so we integrate with existing workflows to avoid administrative burden. Our innovative approach combines client workflow integration with proprietary technology tools to deliver repeatable results without pulling your team off the desk.
Source Advisors was the first consulting firm to claim and defend R&D credits for the alternative-asset industry. Our experience in quantitative trading and fintech is unparalleled. For over 17 years, our philosophy constantly evolves to emphasize minimal disruption, integration with existing workflows, substantiation, and audit-ready rigor.
Source Advisors’ Asset Management & Fintech team is the only and most experienced group of its kind, serving some of the world’s most sophisticated hedge funds, quantitative trading firms, asset managers, and fintech innovators. Our cross-functional team brings together pioneers in R&D methodology, engineers, trading technology specialists, tax attorneys, and seasoned audit defense professionals—each with deep sector-specific expertise.
Collectively, we have delivered hundreds of industry-focused R&D studies, supported industry-shaping audit outcomes, and developed many of the standards and frameworks now used across the U.S. and U.K. R&D credit landscape. Our unique blend of technical, financial, and regulatory knowledge allows us to navigate complex engineering environments and high-stakes tax controversy with precision.
Global Practice Leader
Global Practice Leader
Moi joined Source Advisors in 2007 and leads the global Asset Management & Fintech practice. He has more than 25 years of experience with tax credits and incentives across industries, as well as significant IRS audit experience, including Appeals. He is recognized as a national expert in software R&D tax incentives, with specialized knowledge of financial services software.
Many industry standards and methodologies used today in the U.S. and the U.K. originate from Moi’s work. He was integral to the creation and development of Source Advisors’ Section 41, Section 174, and ERTC practices and has managed over 1,500 R&D studies and more than 80 IRS and state audits in his career.
With experience across 25+ state R&D programs and several international jurisdictions, Moi has worked with companies at every stage—from startups and family businesses to some of the largest firms in the world. In 2009, he founded the Asset Management & Fintech practice and, over the past 16 years, has advised many of the largest quantitative trading hedge funds and proprietary trading firms globally.
Moi is an active contributor to the industry as a service provider member of the Managed Funds Association (MFA) and the Texas Alternative Investments Association (TAIA).
Email: moi.romero@sourceadvisors.com
Moi joined Source Advisors in 2007 and leads the global Asset Management & Fintech practice. He has more than 25 years of experience with tax credits and incentives across industries, as well as significant IRS audit experience, including Appeals. He is recognized as a national expert in software R&D tax incentives, with specialized knowledge of financial services software.
Many industry standards and methodologies used today in the U.S. and the U.K. originate from Moi’s work. He was integral to the creation and development of Source Advisors’ Section 41, Section 174, and ERTC practices and has managed over 1,500 R&D studies and more than 80 IRS and state audits in his career.
With experience across 25+ state R&D programs and several international jurisdictions, Moi has worked with companies at every stage—from startups and family businesses to some of the largest firms in the world. In 2009, he founded the Asset Management & Fintech practice and, over the past 16 years, has advised many of the largest quantitative trading hedge funds and proprietary trading firms globally.
Moi is an active contributor to the industry as a service provider member of the Managed Funds Association (MFA) and the Texas Alternative Investments Association (TAIA).
Director
Director
Alex Pak has over 16 years of specialized R&D tax credit experience with a strong focus on cloud infrastructure, fintech, and large-scale software engineering. Alex has held varied roles, including project management and business development, and, in 2020, served as the primary architect of GOAT.tax, a proprietary R&D tax credit and project documentation platform. In this role, he led client delivery, product adoption, and onboarding strategies for a diverse portfolio of clients, including fast-growing fintech platforms and enterprise engineering teams. Alex has built and scaled multiple industry verticals by combining his expertise in software development, crypto, and emerging technologies. His work in the industry began in 2012, and currently, he serves as a Director on the AMF Team. His unique background allows him to focus on continuous process improvement by integrating technology or adapting existing workflows to improve efficiency and the quality of output.
Email: alex.pak@sourceadvisors.com
Alex Pak has over 16 years of specialized R&D tax credit experience with a strong focus on cloud infrastructure, fintech, and large-scale software engineering. Alex has held varied roles, including project management and business development, and, in 2020, served as the primary architect of GOAT.tax, a proprietary R&D tax credit and project documentation platform. In this role, he led client delivery, product adoption, and onboarding strategies for a diverse portfolio of clients, including fast-growing fintech platforms and enterprise engineering teams.
Alex has built and scaled multiple industry verticals by combining his expertise in software development, crypto, and emerging technologies. His work in the industry began in 2012, and currently, he serves as a Director on the AMF Team. His unique background allows him to focus on continuous process improvement by integrating technology or adapting existing workflows to improve efficiency and the quality of output.
Director, Tax Controversy
Director, Tax Controversy
Alex Velazquez leads our tax controversy team at Source Advisors. As an attorney with nearly a decade of experience in tax credit and incentives advocacy, he has developed strategies to defend and optimize studies involving the R&D Credit and other tax incentives. Alex has directly led scores of IRS and state-specific examinations, which has allowed him to build expertise in all phases of exam defense, including audit management, appeals presentations, and settlement negotiations. These experiences enable Alex and the Tax Controversy group to collaborate with Source Advisors’ R&D study teams to develop and implement best practices in the fast-paced, ever-changing R&D space.
Alex has successfully defended several of the largest claims in the Asset Management space. Additionally, Alex consults with clients on how transfer pricing agreements may impact R&D tax incentive eligibility.
Email: alex.velazquez@sourceadvisors.com
Alex Velazquez leads our tax controversy team at Source Advisors. As an attorney with nearly a decade of experience in tax credit and incentives advocacy, he has developed strategies to defend and optimize studies involving the R&D Credit and other tax incentives. Alex has directly led scores of IRS and state-specific examinations, which has allowed him to build expertise in all phases of exam defense, including audit management, appeals presentations, and settlement negotiations. These experiences enable Alex and the Tax Controversy group to collaborate with Source Advisors’ R&D study teams to develop and implement best practices in the fast-paced, ever-changing R&D space.
Alex has successfully defended several of the largest claims in the Asset Management space. Additionally, Alex consults with clients on how transfer pricing agreements may impact R&D tax incentive eligibility.
Global Senior Manager
Global Senior Manager
Zakia Madadi is a senior leader with over 20 years of experience spanning asset management, fintech, innovation strategy, public funding, and R&D advisory across the United States and Europe. Her career is defined by extensive international experience, supporting multinational organizations in navigating financial, regulatory, and innovation landscapes, with a particular focus on global incentive programs.
She currently serves as Global Senior Manager at Source Advisors, where she operates at an international level, leading global incentive initiatives for multinational companies and overseeing complex, cross-functional engagements.
Email: zakia.madadi@sourceadvisors.com
Zakia Madadi is a senior leader with over 20 years of experience spanning asset management, fintech, innovation strategy, public funding, and R&D advisory across the United States and Europe. Her career is defined by extensive international experience, supporting multinational organizations in navigating financial, regulatory, and innovation landscapes, with a particular focus on global incentive programs.
She currently serves as Global Senior Manager at Source Advisors, where she operates at an international level, leading global incentive initiatives for multinational companies and overseeing complex, cross-functional engagements.
This case study discusses how Source Advisors assisted a mid-sized hedge fund, managing approximately $5 billion in assets, in leveraging R&D tax credits. The hedge fund, operational for over 15 years, faced challenges requiring the development of proprietary trading and risk management software to maintain a competitive edge. The R&D activities included extensive research and collaboration on projects like advanced trading algorithms and risk management systems, aimed at optimizing performance in a volatile market.
Cloud costs can qualify as “computer rental” if they are reasonably apportioned to R&D (not routine production). An allocation methodology is required to separate R&D usage from production use.
Yes. Unlike many domestic costs that may be expensed, foreign R&D expenditures generally must be amortized. We help determine which foreign costs require amortization.
