Ex-Citi Muni Head Brownstein Launches Firm for Troubled Credits

David Brownstein, the former head of Citigroup Inc.’s soon-defunct public finance department, has started a boutique restructuring advisory firm, building on decades of experience helping the most troubled state and local governments.

The new firm, called BGC Partners Advisory, includes Brownstein plus two of his former Citigroup colleagues John Gavin and James Castiglioni, according to a person familiar with the matter who asked not to be named discussing private information.

Brownstein has been a principal at BGC Partners Advisory since Feb. 1, according to a court document filed late Monday in Puerto Rico Electric Power Authority’s bankruptcy case. Known ...