Change in the Management Board of BF.capital

Stuttgart, 22 July 2026 – Maria Angela Ciriello (46) is the new Managing Director of BF.capital GmbH, an investment manager for institutional private debt investments. At the same time, she will retain her role as Chief Financial Officer (CFO) of parent company BF.direkt AG. Ciriello will share the senior management responsibility at BF.capital with the company’s other managing director, Eugenio Sangermano (47), who also serves as Chief Investment Officer (CIO) of BF.direkt AG. She will be taking the place of Berthold Garbas, who is stepping down from the management board of BF.capital.

Maria Angela Ciriello joined the BF Group in 2021. During the 14 years before, she worked for LBBW Asset Management Investmentgesellschaft in Stuttgart where she was responsible for corporate controlling, risk management and outsourcing management. She is a certified economist and a certified computer scientist. Eugenio Sangermano has been part of the BF Group since 2023 after transferring, together with Berthold Garbas, from W&W Asset Management to BF.capital.

Francesco Fedele, the CEO of BF.direkt AG, said: “I would like to thank Berthold Garbas for his effort to keep growing BF.capital over the past years. At the same time, I’m pleased to say that, in Maria Angela Ciriello, we found a proven financial and leadership expert among our own ranks to fill this position. Given her long-term experience, her advanced expertise and her thorough knowledge of the BF Group, I have no doubt that the auspicious growth course of BF.capital will continue under her and Eugenio Sangermano’s joint leadership.”

Maria Angela Ciriello added: “I am very much looking forward to my new responsibility as part of the senior management of BF.capital, and to the chance to work even closer with Eugenio Sangermano. Over the past years, BF.capital has made a name for itself as reliable partner of institutional investors. Together, we intend to continue its positive development, to keep strengthening our market position, and to consistently exploit the growth upside in the private debt sector.”

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