Pillarstone continues expansion with COO appointment

The KKR-backed vehicle, which manages NPL portfolios of banks in Greece and Italy, continues its expansion with the appointment of Paul Bramley.

The KKR-backed specialist credit platform Pillarstone has appointed Paul Bramley as chief operating officer.

Bramley joins from hedge fund Sand Grove Capital Management, where he spent 18 months as COO, after departing from Eclectica Asset Management, according to his LinkedIn profile.

In his latest role at Pillarstone, Bramley will spearhead the firm’s expansion into new territories, while taking responsibility for the vehicle’s non-investment activities, including compliance with regulations and managing the firm’s business operations.

Pillarstone, established last year, works with banks to manage their non-core and under-performing assets in the corporate, real estate and shipping finance sectors.

The vehicle marked its launch with an entry into Italy last year, working with both UniCredit and Intesa Sanpaolo. In May the platform expanded its operations into Greece after agreeing to manage NPL portfolios held by two of Greece’s largest banks, Alpha Bank and Eurobank, which are valued collectively at up to €1.2 billion.

“Pillarstone is a scalable platform that is designed to expand and grow across Europe in line with the demand for the solutions it provides to companies and banks,” John Davison, chief executive of Pillarstone, said in a statement.

He continued: “Bramley’s longstanding experience in building out best-in-class infrastructure will be of crucial important to Pillarstone as we continue to grow.”

Earlier this month Pillarstone acquired a 100 percent stake in the Italian telecommunications company Sirti as part of its plan to revive the struggling business. In June the firm appointed Pablo Crespo and Jonathan Conway as partners from AnaCap Credit Opportunities and Barclays respectively.