DUBLIN, October 10, 2011 /PRNewswire/ --
- Leading Alternative Credit Asset Manager Hires Tim Richards and Alan Kelly to Source New Assets, Manage Portfolios and Serve Growing European Investor Base
Stone Tower Capital LLC, a $ 20 billion alternative credit asset manager, today announced the creation of Stone Tower Europe Limited, headquartered in Dublin, Ireland, to enable the firm to expand its European operations and serve its growing investor base. The firm also announced the appointment of Tim Richards as Managing Director to oversee the firm's European expansion, along with Alan Kelly, as a Director.
Mr. Richards joined from LBBW Asset Management Ireland where he held the role of Chief Executive Officer from 2007 to 2011. Prior to this, Mr. Richards worked with WestLB Group between 1998 and 2007 in roles as Managing Director at Brightwater Capital, as well as Global Head of Credit Products and Global Head of New Issues. Prior to joining WestLB, Mr. Richards held senior capital markets roles at BNP and Swiss Bank Corporation in Frankfurt and in London. He also spent five years with the Bank for International Settlements in Basel, Switzerland.
Mr. Kelly joined Stone Tower in 2011 with responsibility for seeking investment opportunities and marketing Stone Tower's services in Europe. Previously Mr. Kelly spent ten years as a Senior Portfolio Manager with LBBW and its Asset Management subsidiary in Ireland focused on Credit Products.
Both Mr. Richards and Kelly will source regional assets and help manage portfolios along with other members of Stone Tower in both Europe and the U.S.
Michael J. Levitt, Chairman and Chief Executive of Stone Tower Capital, said, "The diverse, global knowledge and experience that Tim and Alan bring to Stone Tower will be important to the firm's continued success as we expand our overall European presence and establish a true beachhead via our new Dublin-based headquarters."
"Our investors continue to depend on Stone Tower's expertise in identifying and evaluating total return and event-driven investment opportunities in performing and distressed credit situations. Having an on-the-ground, European presence allows the firm to serve existing clients while looking for new and interesting credit opportunities that have arisen as financial pressure increases across the entire Eurozone," Levitt added.
"Having worked with the team at Stone Tower over the years I have always had tremendous respect for their organization and investment acumen," said Mr. Richards. "That is why I'm so pleased to have joined Stone Tower today."
The new office of Stone Tower Europe Limited is located at Fitzwilliam Hall, Fitzwilliam Place, Dublin, Ireland 2. The phone number is +3531-1-669-4782.
About Stone Tower
Stone Tower Capital LLC is a leading independent investment manager with approximately $20 billion in assets under management. The firm, founded in 2001, specializes in a variety of corporate and structured credit and credit-related products. Stone Tower has a global investor base that includes state and county pension funds, superannuation funds, corporate pension funds, insurance companies, family offices, university endowments, and high-net-worth individuals.
The firm has 72 professionals and is headquartered in New York with offices in Los Angeles and Sydney. Stone Tower operates through its advisory affiliates that are registered with the Securities and Exchange Commission as investment advisers under the Investment Advisers Act of 1940.
In addition to asset management services, Stone Tower provides independent advice to clients, including evaluation services of structured credit assets and portfolios. The firm has worked with investors and trustees to perform the liquidation of over $45 billion of structured credit assets and loans.
SOURCE Stone Tower Capital LLC