New York hedge fund Stone Tower Capital has opened its first office in Europe as it seeks to increase its presence on that continent.
The $20 billion credit specialist said it created a subsidiary in Dublin. The new office is led by Tim Richards, who will oversee Stone Tower's expansion in Europe along with Alan Kelly.
"Out 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," CEO Michael Levitt said. "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."
Richards joins Stone Tower from LBBW Asset Management Ireland, which he led as CEO for the past four years. He formerly spent almost a decade at WestLB Group's Brightwater Capital. Kelly also formerly worked at LBBW.
The Dublin office joins three other global offices for Stone Tower, in New York, Los Angeles and Sydney, Australia.