TowerBrook adds to management advisory board

New York and London-based investment firm TowerBrook Capital Partners said Wednesday that it has appointed Tom Marano to its management advisory board. Marano is the former CEO of ResCap, a a subsidiary of Ally Financial.

PRESS RELEASE

New York, N.Y. – September 24, 2014 – TowerBrook Capital Partners L.P. (“TowerBrook”), a New York- and London-based investment firm, today announced that Tom Marano has joined the firm’s Management Advisory Board. Mr. Marano will help TowerBrook explore and develop investment opportunities in the financial services sector with a particular emphasis on the residential mortgage industry. These investment opportunities may include businesses in mortgage origination, mortgage servicing, technology, trading, capital markets, and investment management.

“As a 30-year veteran of the U.S. mortgage industry, Tom brings a wealth of experience and a strong grasp of the overall mortgage banking industry. Through his experience at Bear Stearns and ResCap, Tom brings a unique perspective having both strong capital allocation and operating expertise,” said Jonathan Bilzin, Managing Director at TowerBrook. “We have known Tom for a while and are thrilled to partner with him to evaluate new opportunities in the sector.”

“I am looking forward to working with my friends at TowerBrook,” said Mr. Marano. “TowerBrook is an experienced investor in the financial services sector and I look forward to working together to identify interesting opportunities.”

Mr. Marano has over 30 years of experience in finance and lending. In 2008, at the request of Cerberus, Mr. Marano joined ResCap, a subsidiary of Ally Financial (formerly GMAC), first as its Non-Executive Chairman and later as its CEO. As CEO, Mr. Marano led ResCap’s restructuring process which resulted in a favorable outcome for all of its stakeholders.

Prior to joining ResCap, Mr. Marano spent 25 years at Bear Stearns where he ultimately served as the Global Head of Mortgage Trading and Origination. Mr. Marano’s responsibilities at Bear Stearns included oversight of the firm’s residential and commercial mortgage banking and mortgage related capital markets operations. After Bear Stearns, Mr. Marano joined Cerberus Capital Management where he established the mortgage capital markets group. Mr. Marano holds a B.A. in History from Columbia University.