Sal (Kislay) Shah



  • HFA Treasurer
  • HFA Board of Directors
  • HFA Northeast Regional Director


  • Partner, RSM US LLP

Kislay (Sal) Shah is a Partner in the Stamford office of RSM US LLP and leads the Connecticut financial services team. He brings over 20 years of experience in the financial services industry to his engagements. Prior to joining RSM US, he served for 14 years with a Big Four accounting firm, working on major alternative investment services engagements.

Sal has provided advisory and assurance services to investment management companies, including hedge funds, private equity firms, venture capital funds, fund of funds, mutual funds, collateral debt obligation funds and mortgage-backed assets trading and securitization companies. His advises companies that manage up to $6 billion in assets, and representative clients include Bam Capital Management, Rosegrove Capital Partners, American Securities Capital Partners, Psilos, Euclid SR, Kinderhook, HIG Brightpoint, Cornerstone, Jacobson Partners and Dolphin Private Equity Partners.

Sal has a strong understanding of reporting, compliance monitoring, management and incentive fees, investor capital transactions, portfolio valuation, performance measurement, trade reconciliations and financial instruments, including exotic derivatives. His experience with hedge funds provides Sal with a deep knowledge of investment strategies and valuation methodologies, due diligence, and general and operational evaluations.

He is a frequent speaker at industry events on topics such as FAS 157, Small Business Investment Companies (SBICs), and asset-backed lending and is also a resource to many trade and industry publications. Sal is on the national board of the Hedge Fund Association.

Professional Affiliations and Credentials

·         American Institute of Certified Public Accountants

·         New York State Society of Certified Public Accountants

·         Licensed as a CPA in New York, New Jersey and Connecticut

·         Chartered Accountant in India

·         Certified Management Accountant


·         Bachelor’s degree, Calcutta University (India)