Joyce Frost and Frank Iacono, former executives with Morgan Stanley, along with Chris Frost, former managing director at Societe Generale, have formed Riverside Risk Advisors.

The firm will provide independent risk assessment, structuring, pricing and execution advice for complex derivative and structured product transactions. 

Riverside's clients include derivative end-users such as corporations, private equity firms, real estate developers, and project sponsors. 

Riverside also advises investors evaluating structured credit opportunities and financial firms winding down or restructuring legacy businesses.

"The Dodd-Frank Act creates an effective mandate that some end-users seek independent advice for derivative transactions. We expect, however, that even where a statutory or regulatory requirement is not created, outside advice with respect to suitability and fairness, from professionals with relevant transaction experience, will become the new best-practices standard," says Iacono (pictured).