Alvarez & Marsal, a leading independent global professional services firm specializing in performance improvement, turnaround management and business advisory services, has named Thomas L. Jones, an Alvarez & Marsal managing director, and Oliver Stratton, former head of Bain & Company’s Hong Kong office, co-heads of the firm’s business in Asia. Mr. Jones and Mr. Stratton are based in Hong Kong.

The continued expansion of Alvarez & Marsal’s offering in Asia is indicative of the growth in demand for performance improvement expertise from Asian businesses, multinationals and financial investors alike, as well as the growing needs of Alvarez & Marsal’s existing client base, many of whom have significant operating footprints in the region.

“Companies and investors want to capture the growth opportunities in Asia and also boost the operational performance of their organizations and portfolio companies in order to remain competitive in today’s changing global economy,” said Tony Alvarez II, co-CEO of Alvarez & Marsal. “Our unique ability to integrate financial and operational expertise will address these needs. Tom and Olly are highly regarded for their work advising regional and global organizations on complex operational and financial matters. Their combined leadership experience offers a powerful base upon which we intend to grow our existing presence and best serve companies doing business in the region.”

Alvarez & Marsal has an existing Asian practice with a strong track record of offering restructuring, dispute analysis and forensic accounting services to a variety of clients in the region.

With more than 30 years of experience in financial services, Mr. Jones is a managing director at Alvarez & Marsal, where, since October 2008, he has been the head of Asia on the Lehman Brothers bankruptcy case. Over the past two years, he has overseen the recovery of Lehman’s assets in Asia, achieving one of the highest recovery rates globally.

Mr. Jones began his career at JP Morgan, and, during his 20 years there, led the financings for many of JP Morgan’s first leveraged buyouts, including its first private equity investment. He then served as head of corporate lending for the U.S. and became a member of the firm’s credit policy committee. After he joined the Mergers and Acquisition Department, Mr. Jones became head of four industry groups – telecommunications, media, high-tech and aerospace / defense, with responsibility for both investment banking and mergers and acquisitions. He later was a managing director in the Telecom Groups at Salomon Brothers and Credit Suisse First Boston. Mr. Jones is also a past advisory board member of Alvarez & Marsal.

Mr. Stratton joins Alvarez & Marsal with more than 20 years of experience in consulting and private equity in Asia, focusing on business strategy, performance improvement, operational turnarounds and mergers and acquisitions, including transaction due diligence and post-merger integration. Mr. Stratton spent two decades with Bain & Company, where he helped to establish Bain’s offices in Hong Kong and Seoul, and also served as head of the Hong Kong office for five years. Prior to joining Alvarez & Marsal, Mr. Stratton served as a managing director with Candover where he established the firm’s private equity business in Asia while also supporting European-based portfolio companies expanding their businesses into Asia.