| $22 bn asset manager sets up Dublin based European HQ |
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Stone Tower Capital LLC, a $22 billion investment manager, has set up its European operations in Dublin. The new company: Stone Tower Europe Limited will be based in Dublin and run by former head of LBBW Asset Management Ireland Tim Richards.
Stone Tower Capital is headquartered in New York has approximately $22 billion in assets under management and specialist in a variety of corporate and structured credit and credit-related products. From its Irish base Stone Tower aims to expand the firm's business into Europe, serving its growing European investor base.
Joining Tim Richards as managing director is Alan Kelly as director also formerly of LBBW. Richards was LBBW CEO from 2007 to 2011, and previously held the role of head of credit products at WestLB, while Kelly spent ten years with the LBBW as a senior portfolio manager focussing on credit products. '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,' said Michael J. Levitt, chairman and chief executive of Stone Tower Capital.
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.'
Founded in 2001, the firm specialises in a variety of corporate and structured credit and credit-related products and also Stone Tower provides evaluation services of structured credit assets and portfolios. Stone Tower has been named the replacement manager for roughly $16.4 billion of SIV assets and $14.3 billion of CDOs. |
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