10 Oct 2011
Stone Tower Capital LLC, an alternative credit asset manager, have 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.
Richards joins from LBBW Asset Management Ireland, where he was Chief Executive Officer. Prior to this, Richards worked with WestLB Group as Managing Director at Brightwater Capital, Global Head of Credit Products and Global Head of New Issues. Richards also held senior capital markets roles at BNP and Swiss Bank Corporation in Frankfurt and in London. He spent five years with the Bank for International Settlements in Basel, Switzerland.
Kelly joined Stone Tower in 2011 with responsibility for seeking investment opportunities and marketing Stone Tower’s services in Europe. Previously Kelly spent ten years as a Senior Portfolio Manager with LBBW and its Asset Management subsidiary in Ireland focused on credit products.
Both 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 Richards. “That is why I’m so pleased to have joined Stone Tower today.”
Richards joins from LBBW Asset Management Ireland, where he was Chief Executive Officer. Prior to this, Richards worked with WestLB Group as Managing Director at Brightwater Capital, Global Head of Credit Products and Global Head of New Issues. Richards also held senior capital markets roles at BNP and Swiss Bank Corporation in Frankfurt and in London. He spent five years with the Bank for International Settlements in Basel, Switzerland.
Kelly joined Stone Tower in 2011 with responsibility for seeking investment opportunities and marketing Stone Tower’s services in Europe. Previously Kelly spent ten years as a Senior Portfolio Manager with LBBW and its Asset Management subsidiary in Ireland focused on credit products.
Both 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 Richards. “That is why I’m so pleased to have joined Stone Tower today.”
