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October 06, 2014 at 06:55 AM
(Bloomberg) — Oaktree Capital Group LLC named Jay Wintrob, the former head of American International Group Inc.’s life insurance business, as its first chief executive officer.
Wintrob, who’s been a member of Oaktree’s board since 2011, announced his departure from AIG last month after he was passed over in the company’s search for a new CEO. He will have primary responsibility for developing and managing Oaktree’s business, according to a statement today from the Los Angeles-based money manager. Bruce Karsh, the firm’s chief investment officer, will become co-chairman with Howard Marks.
Oaktree, which Marks and Karsh helped co-found in 1995, sold shares to the public in 2012 and has grown to oversee about $91 billion, making it the world’s biggest distressed debt firm. It expanded this year by agreeing to acquire a team of infrastructure investors from Highstar Capital LP and is currently seeking a $10 billion fund with plans to sit on most of the capital until rising markets reverse course.
“Oaktree has expanded substantially in terms of assets, employees, breadth and complexity,” Marks said in the statement. “It’s time for us to turn to a world-class financial services executive.”
